Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please asap The following balances were extracted from the books of Astica Cardhu as Year end notes: a) Stock at December 31,2021 was $65,300

help please asap
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The following balances were extracted from the books of Astica Cardhu as Year end notes: a) Stock at December 31,2021 was $65,300 however it appears that an additional amount, $2,700 was found in a store room. The amount was deemed material and should be accountedfor. b) Depreciate Equipment at 10% on straight line, the motor vehicles at 15% on the straight-line basis, fixtures \& Fittings 10% reducing balance basis c) Wages was prepaid $8,000 and rates owing $7,000 d) Commission Received owing $10,000 e) On October 1,2012, the Astica took goods amounting to $15,000 from the warehouse and continued to do so at the beginning of every month up to March 1, 2022. f) The Provision for bad debts is to be revised to 20% of debtors g) On December 1, 2021, Astica rented a section of the premises to Mos Quito at $25,000 per month Required: 1. Prepare the Statement of Profit or Loss for Astica Cardhu. 2. Prepare a Statement of Financial Position for Astica Cardhu

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Study On The Auditing Theory Of Socialism With Chinese Characteristics

Authors: Jiayi Liu

1st Edition

1119107814, 978-1119107811

More Books

Students also viewed these Accounting questions

Question

Why do ratings agencies assign ratings to commercial paper?

Answered: 1 week ago