Question
Hi can I get a full detailed answer for the following exercise please ? From the following trial balance for Lark, produce a statement of
From the following trial balance for Lark, produce a statement of comprehensive income for the period ending 30 September 2017 and a statement of financial position as at that date. Inventory at 30 September 2017 was valued at 53,673
Dr Cr
Sales 534,534
Purchases 412,312
Returns inwards 5,435
Returns outwards 4,233
Carriage inwards 989
Carriage outwards 2,123
Inventory as at 1 October 2016 67,809
Plant 55,000
Motor van 19,800
Trade receivables 43,242
Trade payables 32,132
Bank 19,809
Power costs 23,432
Wages 42,423
Business rates 8,723
Marketing expenses 5,132
Debentures 75,000
Capital 121,211
Drawings 27,656
Maintenance 6,805
Sundry income 18,980
Equipment 45,400
786,090 786,090
Complete the tables:
E Soormally Statement of comprehensive income for period ending 30 September 2017
Sales
Less Return Inwards
Net Turnover
Less Cost of Goods sold
Opening Inventory
Add Purchases
Less Returns Outwards
Add Carriage Inwards
Less closing Inventory
Gross Profit
Add Sundry Income
Less Expenses
Power Cost
Wages
Business rates
Carriage outwards
Maintenance
Mkt expenses
Net Profit
E Soormally Statement of Balance financial position as at 30 September 2017
Current Assets
Inventory
Trade R
Banks
Non-Current Assets
Plant
Equipment
Motor Van
TOTAL ASSETS
Current Liabilities
Trade P
Non-Current Liabilities
Long Term Loan
Equity
Capital
NOPAT
Drawings
TOTAL L+E
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