Question

In: Accounting

The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor...

The following trial balance was extracted from the ledger accounts of William Enterprise, a sole proprietor as at 31 December 2019.

Trial Balance as at 31 December 2019

DR
CR

GH¢
GH¢

Building, at cost
650,000

Office equipment at cost
135,000

Plant and Machinery
263,500

Purchases
248,000

Sales

500,000

Inventory 1 January 2019
27,500

Discount allowed
4,800

Returns inwards
3,200

Wages and Salaries
64,885

Rent
5,580

Insurance
6,000

Trade receivables
145,000

Trade payables

132,750

Bank overdraft

58,956

Cash in hand
5,400

Long term loan

350,000

Capital 1 January 2018
________
517,159

1,558,865
1,558,865

The following additional information as at 31 December 2019 is available:
Inventory as at December 2019 was valued at GH¢24,000.

Required:
1.Prepare william Enterprise’s Income Statement (Profit or loss account) for the year ended 31 December 2019.
2. Prepare Statement financial position as at that date

Expert Solution

ekkarill92 answered 2 years ago

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