Question

In: Accounting

(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:

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

Required;

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

Solutions

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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