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answer questions ab,thank you ,I will vote you positive The following balances were extracted from Chan's ledger on 31 December 2019. Sales Cash at bank
answer questions ab,thank you ,I will vote you positive
The following balances were extracted from Chan's ledger on 31 December 2019. Sales Cash at bank Drawings Capital, 1 January 2019 Office premises Fixtures and fittings Bank loan (repayable in 8 years) Trade receivables Returns outwards General expenses Rent and rates Wages and salaries Cash in hand Inventory, 1 January 2019 Purchases Returns inwards Trade payables Loan from Charles (repayable in 3 years) Motor vehicles Travelling expenses Postage and stationery $ 186,958 1,550 4,500 46,000 50,000 28,360 11,360 11,450 614 1,800 3,500 23,500 410 9,876 101,304 322 8,350 3,800 20,000 360 150 Required: (a) Draw up a Trial Balance as at 31 December 2019. (b) Given the closing inventory at year end $4,800, prepare the: Income Statement for the year ended 31 December 2019, and Statement of Financial Position at 31 December 2019Step by Step Solution
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