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B A D E 1 The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader. 2 TRIAL BALANCE AS AT 31 MAY 20X6 3 TB 4 Dr Cr 5 $ 6 Sales 100.000 7 Purchases 90,000 8 Carriage 5.000 9 Consulting expenses 13,000 10 Prepayment for insurance 4,800 11 Loan 56.200 12 Postage and stationery 1,200 13 Advertising 5,500 14 Salaries and wages 27,000 15 Irrecoverable debts 3.000 16 Receivables 12,000 17 Payables 6,000 18 Cash on hand 1,200 19 Cash at bank 1,500 20 Inventory as at 1 June 20x5 13,000 21 Equipment at cost 40,000 22 Accumulated depreciation 15,000 23 Capital 40,000 24 25 26 27 217,200 217,200 28 The following additional information as at 31 May 20x6 is available. 29 1 Rent has to be accrued by $1210. 30 2 Prepayment on Insurance is to be reduced to $1000 31 3 $2,000 of camage represents carriage inwards on purchases and the rest is carriage inward on equipment 32 4 Equipment is to be depreciated by $5,500 33 5 Interest of 2.200 is to be accrued on loan 34 6 Inventory at the close of business has been valued at $10,000 35 36 Required 37 (a) Prepare a statement of profit or loss for the year ended 31 May 20X6 38 (b) Prepare a statement of financial position as at that date. 39 40