In: Accounting
Mr Modisa, sole trader, extracted the following trail balance off the books.
Trial Balance as at 31 December 2019
Pula | Pula | |
Sales | 135,000.00 | |
Purchases | 67,500.00 | |
Carriage inwards | 2,300.00 | |
Returns Inwards | 3,200.00 | |
Returns Outwards | 2,400.00 | |
Drawings | 19,600.00 | |
Capital | 44,800.00 | |
Rent | 7,000.00 | |
Discount Allowed | 2,400.00 | |
Advertising | 600.00 | |
Salaries & wages | 42,000.00 | |
Provision for doubtful debts | 600.00 | |
Accounts Receivable | 12,500.00 | |
Accounts Payable | 10,400.00 | |
Cash in hand | 500 | |
Cash at Bank | 15,000.00 | |
Motor Van | 20,000.00 | |
General Expenses | 600.00 | |
Capital | 44,800.00 | |
Total | 193,200.00 | 193,200.00 |
the following additional information as at 31 December 2019 was available;
1. inventory at close of business has valued 7000
2. accrued salaries & wages P800
3. Depreciation for motor van is 20% annually
a Prepare a Statement of Comprehensive Income for the year ended 31 December 2019
b Prepare a Statement of Financial Position as at 31 December 2019
WHAT THE QUESTION ABOVE WANT IS TO PREPARE BALANCE SHEET AND INCOME STATEMENT BASED ON THE INFORMATION GIVEN ABOVE. THANK YOU