Heating and lighting Telephone General expenses Bad debts written off Motor vehicle at cost Provision for...
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Heating and lighting Telephone General expenses Bad debts written off Motor vehicle at cost Provision for depreciation on motor vehicles Shop fittings at cost Provision for depreciation on shop fittings Provision for bad debts Cash Bank Total 1,840 355 1,752 85 8,000 6,000 3,500 2,000 150 155 21,419 218,923 218,923 Notes as at 30 June 2013: 1. Stock was valued at GHS11,517. 2. Motor vehicles expenses owing GHS55. 3. Rent prepaid GHS275. 4. Depreciate shop Fixtures and Fittings at 10% using the straight line method and motor vehicles at 25% employing the reducing balance method. 5. The provision for bad debts is to be equal to 2.5% of debtors. REQUIRED Prepare the financial statements for the year ended 30th June 2013 in accordance with International Accounting Standard QUESTION TWO Heating and lighting Telephone General expenses Bad debts written off Motor vehicle at cost Provision for depreciation on motor vehicles Shop fittings at cost Provision for depreciation on shop fittings Provision for bad debts Cash Bank Total 1,840 355 1,752 85 8,000 6,000 3,500 2,000 150 155 21,419 218,923 218,923 Notes as at 30 June 2013: 1. Stock was valued at GHS11,517. 2. Motor vehicles expenses owing GHS55. 3. Rent prepaid GHS275. 4. Depreciate shop Fixtures and Fittings at 10% using the straight line method and motor vehicles at 25% employing the reducing balance method. 5. The provision for bad debts is to be equal to 2.5% of debtors. REQUIRED Prepare the financial statements for the year ended 30th June 2013 in accordance with International Accounting Standard QUESTION TWO
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INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2013 Revenue Sales 218923 Cost of sales Stock at beginni... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
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