BUS10250 Financial Accounting Semester B 2019-2020 Written Assignment 3 The following list of ledger balances is extracted from the books of A Store, a sole trader as at 31 December 20x9. A Store Trial Balance as at 31 December 20x9 Capital Stock at 1 Jan 20x9 Purchases Sales returns Purchases returns Carriage inwards Carriage outwards Discount allowed Discount received Machinery (cost) Office equipment (cost) Cash at bank Debtors Creditors Bad debts Commission expense Salaries Insurance Rates General expenses Provision for depreciation: - Machinery at 1 January 20x9 - Office equipment at 1 Jan 20x9 Bad debts recovered Drawings Provision for bad debts 300,000 20,634 56,231 153,697 3,518 5,095 1,483 2,310 2,548 3,066 83,300 67,300 184,341 42,940 18,102 6,909 17,322 38,082 3,457 1,774 3,949 37.730 26,500 524 13,176 4,560 Page 2 of 2 - ZOOM + Additional information: 1. Stock at 31 December 20x9 was valued at $30,898. $1,418 was further written off as bad debts at the end of the year ended 31 December 20x9. i 4. At 31 December 20x9, there was insurance amount of $1,375 paid in advance. At 31 December 20x9 there was $1,464 commission expense and $3,675 salaries accrued respectively. 5. Depreciation on machinery was 10% per annum on cost and on office equipment was 5% per annum on cost. There was no acquisition or disposal of fixed asset during the year ended 31 December 2009. 6. During the year, Anne had taken goods costing $1,656 for her own use. No record has been made for this. 7. After review, Anne decided to remain the same amount of provision for bad debts for year ended 31 December 2009 as the beginning of the year. Required: Prepare the income statement for Anne's Store for the year ended 31 December 20x9 and a balance sheet as at that date. Note: Round up the figures to the nearest dollar. BUS10250 Financial Accounting Semester B 2019-2020 Written Assignment 3 The following list of ledger balances is extracted from the books of A Store, a sole trader as at 31 December 20x9. A Store Trial Balance as at 31 December 20x9 Capital Stock at 1 Jan 20x9 Purchases Sales returns Purchases returns Carriage inwards Carriage outwards Discount allowed Discount received Machinery (cost) Office equipment (cost) Cash at bank Debtors Creditors Bad debts Commission expense Salaries Insurance Rates General expenses Provision for depreciation: - Machinery at 1 January 20x9 - Office equipment at 1 Jan 20x9 Bad debts recovered Drawings Provision for bad debts 300,000 20,634 56,231 153,697 3,518 5,095 1,483 2,310 2,548 3,066 83,300 67,300 184,341 42,940 18,102 6,909 17,322 38,082 3,457 1,774 3,949 37.730 26,500 524 13,176 4,560 Page 2 of 2 - ZOOM + Additional information: 1. Stock at 31 December 20x9 was valued at $30,898. $1,418 was further written off as bad debts at the end of the year ended 31 December 20x9. i 4. At 31 December 20x9, there was insurance amount of $1,375 paid in advance. At 31 December 20x9 there was $1,464 commission expense and $3,675 salaries accrued respectively. 5. Depreciation on machinery was 10% per annum on cost and on office equipment was 5% per annum on cost. There was no acquisition or disposal of fixed asset during the year ended 31 December 2009. 6. During the year, Anne had taken goods costing $1,656 for her own use. No record has been made for this. 7. After review, Anne decided to remain the same amount of provision for bad debts for year ended 31 December 2009 as the beginning of the year. Required: Prepare the income statement for Anne's Store for the year ended 31 December 20x9 and a balance sheet as at that date. Note: Round up the figures to the nearest dollar