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Mr Modisa, sole trader, extracted the following trail balance off the books. Trial Balance as at...

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

Solutions

Expert Solution

ekkarill92 answered 3 years ago
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