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it is an o level question of incomplete records The Statement of financial Position of Mr Mashoko, a trader, at 31 December 199 1 was

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it is an o level question of incomplete records

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The Statement of financial Position of Mr Mashoko, a trader, at 31 December 199 1 was as follows : Non current Assets 18100 Capital . 204180 Inventory 6100 Trade payables 3620 Trade Receivables 680 Bank Overdraft 1200 other receivables ( Expense prepaid ) 4120 25 300 25300 Mashoko pays all his takings into the bank account and draws cheques for all payments. The following information is available from the books of Mashoko for 1995 . 1. Total sales was $ 59400, of which 10 1. are on credit sales . 2 - Trade receivables at 31 December 1995 were $ 430- 3 . Inventory at 31 December 1995 was & SHOO 4 . Purchases ledger control account for 1995. Bank 41200 Balance bid 3620 Returns 590 Purchase 40140 Balance cld 1970 43760 43760 s . Expenses paid during 1995 totalled $ 9900 . These were paid by cheques . $ 2so of this sum relates to the year 1996 . 6. Mashoko issued cheques $ 4500 on the business bank account for private expenses . 7. Additional non-current assets costing $ 2500 were bought in 19 95 . Depreciation on non-current assets is at the rate of 10% per annum . Required . a) Business bank account for the year 1995. b) Income Statement for the year ended 31 December 199s. ") A statement of financial position as at 31 December 1995

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