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Abdul Aziz has a small shop and does not keep full accounting records. The following is a summary of his bank transactions for the year
Abdul Aziz has a small shop and does not keep full accounting records. The following is a summary of his bank transactions for the year ended 31 December 2019 Additional information: (2) Cash sales of $800, had been used to pay wages (3) Discount of $350, had been received from suppliers dbH payale All (4) Abdul had taken $420 of goods for his own use (5) Abdul had taken cash drawings, but had not kept a record of the amount. REQUIRED (a) Calculate Abdul's opening capital at 1 January 2019. Asset-liabilities (3 marks) (b) Calculate Abdul's cash drawings for the year. (2 marks) (c) Prepare the Statement of Profit and Loss for the year ended 31 December 2019. (12 marks) (d) Prepare the Statement of Financial Position at 31 December 2019. (8 marks) (Total 25 marks)
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