Mango Stores financial year ends on 31 December each year. On 31 December 2019, the owner...

Mango Stores financial year ends on 31 December each year. On 31 December 2019, the owner of Mango Stores needed the financial statements in order to see how the entity has performed during the current financial year. Unfortunately, the bookkeeper of Mango Stores was sick and was not able to prepare the financial statements. The following list of accounts balance was provided to you by the bookkeeper as at 31 December 2019.

Mango Stores

Trial Balance as at 31 December 2019

Capital

Land and buildings at cost

Motor Vehicles (Cost price N$40 000) Equipment (Cost price N$9 000) Long-term Investment: ABSA Bank (12%) Inventory

Accounts receivable

Cash and cash equivalents

Accounts payable

Long-term loan: 15%

Allowance for credit losses

Sales

Cost of sales

Salaries and wages

Credit losses

Insurance

Water and electricity

Solutions

Expert Solution

1. Journal Entries -

Working Note -

2. Income Statement -

3. Balance Sheet -

ekkarill92 answered 1 year ago

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