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ACCOUNTING / FINANCIAL ACCOUNTING I [TOTAL 40 MARKS] ANSWER ANY TWO (2) QUESTIONS BELOW. QUESTION 1 Ginta, a sole trader, extracted the following balances from

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ACCOUNTING / FINANCIAL ACCOUNTING I [TOTAL 40 MARKS] ANSWER ANY TWO (2) QUESTIONS BELOW. QUESTION 1 Ginta, a sole trader, extracted the following balances from his books as at 30 April 2014: Capital Debtors (accounts receivable) Creditors (accounts payable) Motor vehicles Furniture & fittings Purchases Sales Sales returns (returns inwards) Purchases returns (returns outwards) Wages & salaries Cash at Bank Cash in hand Sundry expenses Rent and rates Drawings Inventory (stock) 1 May 2013 $ 23.080 3,460 2.090 13,000 6,000 9.450 16.330 760 410 2.960 750 70 190 910 2,380 1,980 Note : Inventory (stock) as at 30 April 2014 was valued at $2,300 REQUIRED: (a) Prepare a Trial Balance as at 30 April 2014 [4 marks) (b) Draw up an Income Statement for the year ended 30 April 2014 18 marks) (C) Construct a Balance Sheet as at 30 April 2014 [8 marks

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