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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:
- Inventory as at 31 December 2019 amounted to $7,900
- Rates due $410
- Insurance prepaid $100
- General Expenses include $300 carriage on purchases
Required;
- Prepare the Income Statement for Paul Company for the period ending 31 December 2019
- Prepare the Statement of Financial position as at 31 December 2019
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