(b) Trial balance of Paul Company as at 31 December 2019 (Please check the figures well)...

(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:

Inventory as at 31 December 2019 amounted to $7,900
Rates due $410
Insurance prepaid $100
General Expenses include $300 carriage on purchases

Required;

Prepare the Income Statement for Paul Company for the period ending 31 December 2019
Prepare the Statement of Financial position as at 31 December 2019

Expert Solution

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

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