Sole traders — practice question

BC, a sole trader, drew up the trial balance from his accounting records on 31 August 2022. Extra information: 1 The inventory left on hand at 31 August 2022 had a value of $12000. 2 Commission received of $800 was still outstanding at 31 August 2022. 3 The salaries balance covers the 11 months up to 31 July 2022. Salaries for August 2022 are due but unpaid. There have been no pay rises during the previous 12 months and the same amount is paid every month. 4 At 31 August 2022, rates were prepaid by $300. 5 The insurance figure included $700 for a private insurance premium for BC. 6 Included in repairs was $4000 connected to a new attachment for machinery. 7 Machinery is to be depreciated at 20% per annum by the reducing balance method. A full year’s depreciation is charged whatever the purchase date. There were no disposals during the year. Premises are not depreciated.