In: Accounting
(b) Trial balance of Paul Company as at 31 December 2019 (Please check the figures well)
DR($) |
CR($) |
|
Capital |
24,000 |
|
Drawings |
5,240 |
|
Purchases and Sales |
44,380 |
72,600 |
Returns |
570 |
990 |
Rent and Rates |
3,390 |
|
Salaries |
6,400 |
|
General Expenses |
950 |
|
Insurance |
600 |
|
Receivables and Payables |
11,500 |
8,880 |
Cash |
2,360 |
|
Furniture and Fixtures |
5,000 |
|
Motor vehicle |
14,000 |
|
Motor vehicle expenses |
3,370 |
|
Inventory at 01 January 2019 |
8,710 |
Additional information:
Required;
PAUL COMPAY |
||
INCOME STATEMENT |
||
FOR THE YEAR ENDED DECEMBER 31 , 2019 |
||
INCOMES |
(in $) |
|
SALE |
72600 |
72,030 |
LESS : RETURN |
570 |
|
LESS : CARRIAGE ON PURCHASE |
300 |
|
LESS: COST OF GOODS SOLD |
44,200 |
|
GROSS PROFIT |
27,530 |
|
EXPENSES |
||
RENT & RATES |
3800 |
|
SALARIES |
6400 |
|
GENERAL EXPENSES |
650 |
|
INSURANCE |
500 |
|
MOTOR VEHICLE EXPENSES |
3370 |
|
TOTAL EXPENSES |
14720 |
|
PROFIT FOR THE YEAR |
12,810 |
PAUL COMPANY |
||
BALANCE SHEET |
||
AS ON 31 DECEMBER 2019 |
||
EQUITY & LIABILITIES |
(in $) |
|
CAPITAL |
24000 |
31,570 |
LESS : DRAWINGS |
5240 |
|
ADD: PROFIT |
12,810 |
|
CURRENT LIABILITIES |
||
ACCOUNTS PAYABLES |
8,880 |
|
RATES DUE |
410 |
|
TOTAL |
40,860 |
|
ASSETS |
||
FIXED ASSETS |
||
FURNITURE & FIXTURE |
5,000 |
|
MOTOR VEHICLE |
14,000 |
|
CURRENT ASSETS |
||
ACCOUNT RECEIVABLES |
11,500 |
|
CASH |
2,360 |
|
INVENTORY |
7,900 |
|
PREPAID INSURANCE |
100 |
|
TOTAL |
40,860 |