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I need help with this Accounting questions. The following ledger balances are extracted from Jacob's Plumbing Service on 31 March 20x2: 1. 1,200 9,600 1,350
I need help with this Accounting questions.
The following ledger balances are extracted from Jacob's Plumbing Service on 31 March 20x2: 1. 1,200 9,600 1,350 500 Motor vehicle Rent expense Salaries expense (office) Tools and equipment Furniture and fittings Cash at bank Debtors 22,000 8,000Advertising expense 4,500 2,700 Bank interest expense Telephone and postage expense 200 Creditors 1,800Insurance expense (on 800 motor vehicle Shares in XYZ Ltd Capital, Jacob Drawings, Jacob Fees revenue Motor vehicle expenses 21,100 8,000 Loss through earthquake 10,000 15,000 3,200 Loan from bank 850( repayable in Jan 20x5) 45,000 Note: The Motor Vehicle is used for the performance of services. Required Using the template provided, prepare a) Classified Profit and Loss Statement for the year ended 31 March 20x2; b) Classified Balance Sheet as at 31 March 20x2Step by Step Solution
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