EXERCISE
57. During a certain period a commission merchant transacted the following business:
| Purchased goods on his own account | $3,000.00 |
| Sold goods on commission | 5,000.00 |
| Sold his own goods | 2,500.00 |
| Commissions earned | 150.00 |
| Received cash for goods sold | 6,250.00 |
| Paid expenses on consignments | 37.50 |
| Rendered account sales with which cash was | |
| remitted to cover net proceeds | 2,712.50 |
| Rendered account sales on which net proceeds | |
| were credited to the account of principals | 2,000.00 |
| Paid cash on account of goods purchased | 2,200.00 |
| Paid cash for sundry expenses | 75.00 |
| Inventory of goods owned at the close of the period | 800.00 |
Prepare trading and profit and loss accounts and balance sheet.