1) Income Statement for the year

2) statement of financial position

HOME ASSIGNMENT #3 Name: Group Double-Entry Bookkeeping Problem 21 Mr. Simple has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 2018, the end of his most recent financial year Capital) 83.887 Sales 259,870 19,840 Trade creditors Returns out Provision for doubtful debits 512 Discounts allowed 2,306 Discounts received 1,750 Purchases 135,680 Returns inwards 5.624 Carriage outwards 4.562 Drawings 18.440 Carriage inwards 11,830 Rent rates and insurance Heating and lighting Postage, stationery and telephone Advertising 25,973 11,010 2,410 5,980 38,521 2,008 534 Salaries and was Bad debts Cash in hand Cash at bank 4.440 Stock as at 1st May 2017 Trade debitors 15.654 24.500 120740 Fixtures and fitting at cost Provision for depreciation on futures and fitting -as 30th April 2018 63,020 Deprecation expense 12,074 HOME ASSIGNMENT :3 _Group The following additional information as at 30 April 2018 is available (1) Stock at the dose of business was valued at 17,750 (2) Insurances have been prepaid by 1,120 (3) Heating and lighting is accrued by E1,360 (4) Rates have been prepaid by E5,435. (S) The provision for doubtful debts is to be adjusted so that it is of trade debtors Required: Prepare Mr Simple's income statement for the year ended April 30, 2018 and a statement of financial position in vertical format) as at that date. All the lines in the blank templates provided should be filled in it is not required to compile adjusted TB, but you'd better do as workings.) Aditustments HOME ASSIGNMENT #3 Mr. Simple's Income statement for the year ended April 30, 2018 Sales Net sales less: Cost of sales plus. Opening inventory plus: Purchases less plus: less: less: Closing inventory Gross profit less: Expenses L Net profit for the year 4 13 9 HOME ASSIGNMENT #3 Group Mr. Simples's Statement of Financial Position as at 30 April 2018 at cost dep'n E NBV Assets Non-current assets Current assets Trade receivables less: Provision for doubtful debts Total assets Capital Capital (less) Drawings (add) Retained profit Current liabilities Total liabilities and capital HOME ASSIGNMENT #3 Name: Group Double-Entry Bookkeeping Problem 21 Mr. Simple has been trading for some years as a wine merchant. The following list of balances has been extracted from his ledger as at 30 April 2018, the end of his most recent financial year Capital) 83.887 Sales 259,870 19,840 Trade creditors Returns out Provision for doubtful debits 512 Discounts allowed 2,306 Discounts received 1,750 Purchases 135,680 Returns inwards 5.624 Carriage outwards 4.562 Drawings 18.440 Carriage inwards 11,830 Rent rates and insurance Heating and lighting Postage, stationery and telephone Advertising 25,973 11,010 2,410 5,980 38,521 2,008 534 Salaries and was Bad debts Cash in hand Cash at bank 4.440 Stock as at 1st May 2017 Trade debitors 15.654 24.500 120740 Fixtures and fitting at cost Provision for depreciation on futures and fitting -as 30th April 2018 63,020 Deprecation expense 12,074 HOME ASSIGNMENT :3 _Group The following additional information as at 30 April 2018 is available (1) Stock at the dose of business was valued at 17,750 (2) Insurances have been prepaid by 1,120 (3) Heating and lighting is accrued by E1,360 (4) Rates have been prepaid by E5,435. (S) The provision for doubtful debts is to be adjusted so that it is of trade debtors Required: Prepare Mr Simple's income statement for the year ended April 30, 2018 and a statement of financial position in vertical format) as at that date. All the lines in the blank templates provided should be filled in it is not required to compile adjusted TB, but you'd better do as workings.) Aditustments HOME ASSIGNMENT #3 Mr. Simple's Income statement for the year ended April 30, 2018 Sales Net sales less: Cost of sales plus. Opening inventory plus: Purchases less plus: less: less: Closing inventory Gross profit less: Expenses L Net profit for the year 4 13 9 HOME ASSIGNMENT #3 Group Mr. Simples's Statement of Financial Position as at 30 April 2018 at cost dep'n E NBV Assets Non-current assets Current assets Trade receivables less: Provision for doubtful debts Total assets Capital Capital (less) Drawings (add) Retained profit Current liabilities Total liabilities and capital