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(b) Trial balance of Paul Company as at 31 December 2019 (Please check the figures well) DR($) CR($) Capital 24,000 Drawings 5,240 Purchases and Sales

(b) Trial balance of Paul Company as at 31 December 2019 (Please check the figures well)

DR($)

CR($)

Capital

24,000

Drawings

5,240

Purchases and Sales

44,380

72,600

Returns

570

990

Rent and Rates

3,390

Salaries

6,400

General Expenses

950

Insurance

600

Receivables and Payables

11,500

8,880

Cash

2,360

Furniture and Fixtures

5,000

Motor vehicle

14,000

Motor vehicle expenses

3,370

Inventory at 01 January 2019

8,710

Additional information:

  1. Inventory as at 31 December 2019 amounted to $7,900
  2. Rates due $410
  3. Insurance prepaid $100
  4. General Expenses include $300 carriage on purchases

Required;

  1. Prepare the Income Statement for Paul Company for the period ending 31 December 2019
  2. Prepare the Statement of Financial position as at 31 December 2019

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