Accounts question - Word Bank 40.000 PARTICULARS Cash 20.000 3.963.70 3.963.70 Sales Capital Stock at July 1, 2019 Purchases Returns Wopes Bad Debts Rent paid Electricity Discounts Motor Vehicle Provision for Depreciation - Motor Vehicle Drawings DR CR 2,655,70 d 300,000 233.000 1.800,50 d 22.200 20.500 140.500 5,500 90,000 18,500 10,000 4.000 750,000 120.000 Yearend notes: a) Wages were prepaid by $20,500. dividend income was received from Sagico Ltd, and on amount of $2,500 was owed at the end of the accounting year, and electricity owed by $12.000 b) The monthly cost paid for rent amounts to $8.000 $ c) Depreciation rates are as follows: 1 Equipment at 10% per annum on the reducing balance basis IL motor vehicles at 15% per annum on the reducing balance basis Fixtures & Fittings 10% per annum on the straight line basis d) On April 1, 2020. Jess took goods amounting to $600 from the storeroom for her personal use and continued to do so at the beginning of every month up to September 2020. These amounts have not yet been recorded in the accounts and need to be adjusted for ej Jess rented a section of the building to a tenant on September 1, 2016 for $2,500 per month, on April 1, 2019, Jess increased the monthly rental by 30% +) The Provision for bad debts is to be revised to 20% of debiors a) Closing stock at June 30, 2020 was $35,800, however it appears that an additional amount of $2.200 was found in the store room which was not previously recorded in the accounts. The amount should be accounted for in the financial statements. Required: 1 1. Prepare the Statement of profit or loss for Jess Chin with the appropriate headings (30 marks) 2. Prepare a Statement of financial position for Jess Chin with the appropriate (20 marks) 8,000 600.000 650,000 95,000 45,000 150,000 15.000 Loan Equipment Provision for Depreciation - Equipment Debtors Fodtures & Fittings Povision for Depreciation - Futures & Fittings Provision for bad debts Dividend income Camiage Outwards Camage Inwards Rent Received from tenant Creditors 1,500 12.000 headings 18.000 2,500 30,000 70,000 of 2 61% OM X ] w 28C Mostly clear ACE ) a 6:13 11/14 Accounts question - Word Bank 40.000 PARTICULARS Cash 20.000 3.963.70 3.963.70 Sales Capital Stock at July 1, 2019 Purchases Returns Wopes Bad Debts Rent paid Electricity Discounts Motor Vehicle Provision for Depreciation - Motor Vehicle Drawings DR CR 2,655,70 d 300,000 233.000 1.800,50 d 22.200 20.500 140.500 5,500 90,000 18,500 10,000 4.000 750,000 120.000 Yearend notes: a) Wages were prepaid by $20,500. dividend income was received from Sagico Ltd, and on amount of $2,500 was owed at the end of the accounting year, and electricity owed by $12.000 b) The monthly cost paid for rent amounts to $8.000 $ c) Depreciation rates are as follows: 1 Equipment at 10% per annum on the reducing balance basis IL motor vehicles at 15% per annum on the reducing balance basis Fixtures & Fittings 10% per annum on the straight line basis d) On April 1, 2020. Jess took goods amounting to $600 from the storeroom for her personal use and continued to do so at the beginning of every month up to September 2020. These amounts have not yet been recorded in the accounts and need to be adjusted for ej Jess rented a section of the building to a tenant on September 1, 2016 for $2,500 per month, on April 1, 2019, Jess increased the monthly rental by 30% +) The Provision for bad debts is to be revised to 20% of debiors a) Closing stock at June 30, 2020 was $35,800, however it appears that an additional amount of $2.200 was found in the store room which was not previously recorded in the accounts. The amount should be accounted for in the financial statements. Required: 1 1. Prepare the Statement of profit or loss for Jess Chin with the appropriate headings (30 marks) 2. Prepare a Statement of financial position for Jess Chin with the appropriate (20 marks) 8,000 600.000 650,000 95,000 45,000 150,000 15.000 Loan Equipment Provision for Depreciation - Equipment Debtors Fodtures & Fittings Povision for Depreciation - Futures & Fittings Provision for bad debts Dividend income Camiage Outwards Camage Inwards Rent Received from tenant Creditors 1,500 12.000 headings 18.000 2,500 30,000 70,000 of 2 61% OM X ] w 28C Mostly clear ACE ) a 6:13 11/14