84,000 2. K.K. Menasha is in business as a trader. A trial balance taken out as on 31" January, 2006, was as follows: GHC GH Purchases Sales 100,480 Return inwards& outwards Salaries & wages 8,200 Rent & rates 1,720 Sundry Expenses 1,500 272 696 2 268 560 27,260 Bad Debts Provision for bad debts-1 Feb. 2005 Stock on hand-1" Feb. 2005 Fixtures & Fittings: -1" February, 2005 - Additions on 30 September, 2005 Motor Vehicle: -1" February, 2005 -Sales of vehicle (NBV 1/2/05, 160) 2,800 480 1,840 240 Sundry Debtors & Creditors Cash at Bank & in hand Capital Account Drawings Account 9,220 7,704 7,640 41,520 5,200 151,200 151,200 You are required to prepare Statement of Profit or Loss for the year ended 31* January 2006, and draw up a Statement of Position as at that date. The following information is to be taken into account. 1. Outstanding amounts not entered in the books were: Rent 72, sundry expenses 180. 2. Prepayments were: Rates 120, Insurance 420 3. Stock on hand on 31" January 2006 was valued at 30,900, 4. Provision for doubtful debts is to be 4680 5. Depreciation is to be charged as follows: Fixtures and Fittings, 10% p.a; Motor Vehicles 25% p.a. 3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30 April 2014 the end of his most recent financial year. GH 83,887 Capital 3 84,000 2. K.K. Menasha is in business as a trader. A trial balance taken out as on 31" January, 2006, was as follows: GHC GH Purchases Sales 100,480 Return inwards& outwards Salaries & wages 8,200 Rent & rates 1,720 Sundry Expenses 1,500 272 696 2 268 560 27,260 Bad Debts Provision for bad debts-1 Feb. 2005 Stock on hand-1" Feb. 2005 Fixtures & Fittings: -1" February, 2005 - Additions on 30 September, 2005 Motor Vehicle: -1" February, 2005 -Sales of vehicle (NBV 1/2/05, 160) 2,800 480 1,840 240 Sundry Debtors & Creditors Cash at Bank & in hand Capital Account Drawings Account 9,220 7,704 7,640 41,520 5,200 151,200 151,200 You are required to prepare Statement of Profit or Loss for the year ended 31* January 2006, and draw up a Statement of Position as at that date. The following information is to be taken into account. 1. Outstanding amounts not entered in the books were: Rent 72, sundry expenses 180. 2. Prepayments were: Rates 120, Insurance 420 3. Stock on hand on 31" January 2006 was valued at 30,900, 4. Provision for doubtful debts is to be 4680 5. Depreciation is to be charged as follows: Fixtures and Fittings, 10% p.a; Motor Vehicles 25% p.a. 3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30 April 2014 the end of his most recent financial year. GH 83,887 Capital 3
