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The following trial balance was extracted from the books of Mike Karuvadu on 31 Dec 2018....

The following trial balance was extracted from the books of Mike Karuvadu on 31 Dec 2018. From it and the note inventory, prepare his Statement of Profit or Loss for the year ending 31 Dec 2018 and a Statement of Financial Position as at that date:

                                                                                                Dr                    Cr

                                                                                                $                      $

Sales                                                                                                                216,420

Purchases                                                                                109,680

Inventory: 1 Jan 2018                                                             10,410

Carriage outwards                                                                  2,115

Carriage inwards                                                                     1,840

Return inwards                                                                       5,900

Return outwards                                                                                             6,720

Salaries and wages                                                                  42,800

Motor expenses                                                                       1,912

Rent                                                                                        7,800

Sundry expenses                                                                     1,318

Motor vehicles                                                                        15,400

Fixtures and fittings                                                                1,912

Accounts receivable                                                                24,200

Accounts payable                                                                                            19,100

Cash at bank                                                                           5,100

Cash in hand                                                                           1,240

Drawings                                                                                 30,440

Capital                                                                                     ________        19,827_

                                                                                                262,067           262,067

Inventory at 31 Dec 2018 was $11,290

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ekkarill92 answered 2 years ago
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