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kindly provide me the working solution these are the questions... kindly do assist me! The following is the trial balance of Dora Walsh, a sole
kindly provide me the working solution
these are the questions... kindly do assist me!
The following is the trial balance of Dora Walsh, a sole trader, as at 31 May 20X9: 842.000 461,000 50,000 6,000 3.000 10,000 20,000 200,000 55,000 120.000 49,000 Sales Revenue Purchases Inventory at 1 June 20X8 Carriage Outward Discount Received Returns Outward Returns Inward Buildings at cost Accumulated / Provision for Depreciation on Building's Plant & Equipment at cost Accumulated / Provision for Depreciation on Plant and Equipment Capital as at 1 June 20X8 Drawings Bank Loan Bad Debts Provision for Bad debts Bank Trade Receivables Trade Payables Bank Interest Wages & Salaries Heat and Light Insurance Total 116,000 30,000 40,000 3,000 5,000 8.000 150,000 77.000 4,000 80,000 35,000 30,000 1,197,000 1,197,000 Additional Information: You have been provided with the following additional information that has not been incorporated into the above balances: 1. Inventory was valued at 75,000 at the year end and was sold for 140,000 post year end. 2. Wages to be accrued total 2.400. 3. Insurance bill for 6,000 paid for during the year relates to period 1 March 20x9 to 31 August 20X9 4. Trade Receivables includes 1,000 due from a customer which is no longer recoverable: Provision for bad debts for the period is to be 5% of trade receivables. 5. Dora Walsh withdrew goods for her own use that cost 10,000 and had a resale value of 25,000 6. Depreciation should be provided for as follows: Buildings 2% p.a. on cost Plant & Equipment 10% p.a. on N.B.V 7. The bank loan of 40,000 was taken out in 1 May 20X9 with no repayment due for 2 years from that date. -e required to: Show the necessary journal entries to record the adjustments. (20 mark Prepare a Statement of Profit or Loss for Dora Walsh for the year ended 31 May 20X9 and Statement of Financial Position as at that date. Show all workings clearly. (20 marStep by Step Solution
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