Goovy Trading Attorneys has provided you with the following information which relates to her business at 30
Question:
Goovy Trading Attorneys has provided you with the following information which relates to her business at 30 September 2021 Rent income N$ 11 000, Salaries N$ 22 300, Bank Balance N$ 122 000, Furniture N$ 31 000, Debtors N$ 7000, Insurance N$ 1 100, Telephone N$ 3 600, Purchases N$ 10 200, Stock at the beginning of the month N$ 15 500 Traveling Expenses N$ 5 600, Stationery N$ 350, Advertisements N$ 2 370, Sales N$ 100 000, Bank charges N$250, Closing inventory N$ 11 420, Interest on Favourable bank balance N$ 12 000; Commision earned N$ 960; Debtors N$ 18 000; Additional information: 1. Included in the insurance premium is a pre-payment of N$ 100. 2. The amount for bad debts during the period under review stands at N$ 950. Required: Prepare Income Statement of Goovy Trading Attorneys for the year ended 30 September 2021