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based on the trial balance above, Prepare the Statement of Profit and Loss for the year ended 30 June 2020 and Statement of Financial Position
based on the trial balance above, Prepare the Statement of Profit and Loss for the year ended 30 June 2020 and Statement of Financial Position as at 30 June 2020. The trial balance is as follows:-
|
| Debit | Credit |
| Capital |
| 105000 |
| Bank | 61020 |
|
| Cash | 12200 |
|
| Shop | 52000 |
|
| electricity expenses | 180 |
|
| Salaries | 3000 |
|
| Sales |
| 58500 |
| Purchase | 33200 |
|
| Meng Ltd |
| 3000 |
| Drawing | 300 |
|
| Insurance | 1000 |
|
| Lala Shop |
| 120 |
| Sublet rent |
| 1200 |
| Shop equipment | 2000 |
|
| Returns outwards |
| 80 |
| Van | 3000 |
|
|
|
|
|
| Total | 167900 | 167900 |
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