Question

In: Accounting

The following trial balance was extracted from the books of Robert Kiyosaki Books Shop at the...

The following trial balance was extracted from the books of Robert Kiyosaki Books Shop at the close of business on the 28 February 2017.
Dr
Cr
Purchases and Sales
550,280
820,500
Cash at Bank
1,500,000
Cash in hand
50,000
Capital account 1 March 2016
1,470,080
Drawings
12,000
Office Furniture
25,000
Accumulated depreciation – Office Furniture
1,800
Returns inwards and outwards
19,000
12,000
Rent
30,000
Wages and Salaries
55,800
Discounts
8,000
20,000
Debtors and Creditors
40,000
18,000
Inventory 1 March 2016
23,000
Provision for bad and doubtful debts 1 March 2016
6,000
Delivery van
32,000
Accumulated depreciation – Delivery van
6,500
Van running costs
8,000
Bad debts written off
1,800
2,354,880.00
2,354,880.00
Additions notes:
a) Inventory 28 February 2017 N$33 510
b) Wages and Salaries accrued at 28 February 2017 N$9 000
c) Rent prepaid at 28 February 2017 N$6 000
d) Van running costs owing at 28 February 2017 N$6 000
e) Increase the provision for bad and doubtful debts by N$1,600.
f) Bank balance was N$3,400 less.
g) Provide for depreciation as follows: Office Furniture N$1 500; Delivery van N$4 800.
Required:
2.1 Prepare the Statement of Comprehensive Income, and the (15)
2.2 Statement of Financial Position for the year ended 31 December 2017. (20

Solutions

Expert Solution

The Statement of Comprehensive Income for the year ended 28th Feb, 2017 and Statement of Financial Position as at 28th Feb 2017 is as under. There is typographical error in question, as the same is asking for financial statement as at 31 December 2017, where as Trial balance is given as at 28th Feb, 2017

ekkarill92 answered 1 year ago
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