Question

POST ADJUSTMENTS TRIAL BALANCE OF TUTU TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2017

BALANCE SHEET SECTION	DEBIT	CREDIT
CAPITAL		5 000 000
DRAWINGS	484 000
VEHICLES AT COST	777 000
PLANT AND MACHINERY AT COST	436 550
OFFICE FURNITURE AT COST	271 456
ACCUMULATED DEPRECIATION ON VEHICLES		112 000
ACCUMULATED DEPRECIATION ON PLANT		436 550
ACCUMULATED DEPRECIATION ON FURNITURE		261 456
FIXED DEPOSIT	260 000
15% LONG TERM LOAN		200 000
DEBTORS	387 000
INVENTORY – 01 MARCH 2010	690 000
PREPAID EXPENSES	104 330
ACCRUED EXPENSES		80 000
STATIONERY ON HAND	150 000
ALLOWANCE FOR CREDIT LOSSES		3 570
NOMINAL ACCOUNTS SECTION
SALES		2 790 000
COST OF SALES	1 300 000
WATER AND ELECTRICITY	391 000
SALARIES AND WAGES	1 900 000
STATIONERY	315 000
REPAIRS AND MAITENANCE	222 222
TELEPHONE	585 000
DEPRECIATION	400 000
INTEREST ON LOAN	180 000
INTEREST FIXED DEPOSIT		15 700
CREDIT LOSSES RECOVERED		1 852.00
CREDIT LOSSES	47 570
	8 901 128	8 901 128

REQUIRED:

Prepare the Statement of Profit and Loss and other Comprehensive Income and the Statement of Financial Position for the year ended 28 February 2017.

Answer 1