kindly see the attachment
Additional information; a. Stocks as at 31" December 2006: Raw materials Sh 27,150 Finished goods Sh 93,600 There is no work in progress. b. Depreciate machinery for Sh 6,000, equipment for Sh 4,500 and premises for Sh 3,000. C. Manufacturing wages due but unpaid at 31s December 2006 are Sh. 915, prepaid office rent, Sh 324 Required Prepare the manufacturing, statement of comprehensive income s for the year ended 31st December 2006 and a statement of financial position as at that date. 1. Sold goods on credit to Victor for $5,3 and to Moore for $5,1il. 2. Anthony. a debtor by March 1'\" mm owing $251!} was Declared bankmpt and his debt written off. Purchased goods on credit from Rose wonh $1,326! and from Frank for $3,501: Paid Charles. the only creditor as at 1"1 March 2on4 all his does by cheque. 1|.r'l.~'ithdrew $2.59!] from bank for ofce use. Received goods being returns from Moore $340. F'i"PP' David. a debtor by March 1"1 2004 sent a cheque for $140 and was allowed $35 cash discount. 3. Sold goods for cash amounting to assoc. a. Settled Rose's account by cheque. receiying a my. cash discount. 1D. Purchased motor vehicle on credit from General Motors company limited for 521.com: 11. Paid rent by cash $392. 12. Banked $9,450. 13. Purchased Plant and Machinery for $11,900 paying by cheque. 14. Fishbacl: deposited $14.00!!) in the business bank account from his own money and immediately made $2,8 purchases by cheque. 15. Paid wages for $2.1??? by lush. Rosalind b} Enter the aboye transactions in the appropriate books of original entry using a triple- column cashboolt. c] Post the entries from the books of original entry to the appropriate ledgers. \fStatements of nancial position As at 31st March 2333 31 st March 233? Assets Non current assets at cost 3133 33?4 Less accumulated depreciation 1214 1422 1333 2252 Current assets Inventor!\"r 233 333 Trade receivables 433 1'53 Cash at bank 133 123 T33 1233 total assets 2533 3432 Equities and Liabilities Capital and reserves Issued ordinary share capital' 1333 1233 Share premium aocount' 433 333 Income statement 133 322 1533 2122 Hon current \"5'1\"in 13% Loan notes 533 533 Current liabilities Trade pavables 213 333 Sundry pavabIes 233 433 Tax payable 43 53 513 333 _25.3.. _2533. * *The additional share capital was issued on 1'\"April, 2333 \fSh: Sh: Bank balance, January 1 118,000 School stationery 203,000 Annual subscriptions 3?1,000 Society seminar costs 4?,000 Investment income 65,000 Postage and stationery 5?,400 School adverts 09,000 Telephone 14,400 School subscriptions 100,000 Sundry expenses 5T,000 Newr equipment 20,000 Rent and rates 41,000 Salaries and wages 10?,000 Bank balance, December 31 flat] [1!!! M a. prepare the statement of comprehensive income for the school for the year ended 31'\" December 20011 6 marks] b. Prepare the general statement of comprehensive income for the same period.(E Trade payables 31 January 2002 130,400 31 January 2003 171,250 Payment to suppliers 888,400 Cost of goods taken from inventory by Senji for her personal use 1,000 Refunds received from suppliers 2,400 Discounts received 11,200 Required: Compute the figure for purchases for inclusion in Senji's financial statements. (3 marks) (c) Aluki fixes prices to make a standard gross profit percentage on sales of 331/3%. The following information for the year ended 31 January 2003 is available to compute her sales total for the year. Inventory: 1 February 2002 243,000 31 January 2003 261,700 Purchases 595,400 Purchases returns 41,200 Required: Calculate the sales figure for the year ended 31 January 2003. (3 marks)Sh Sh Sh Sh Sales revenue (including cash sales ($300,000 in 2002 and $100,000 in 2003) 3,100,000 3,800,000 Cost of sales Opening inventory 360,000 540,000 Purchases (all on credit) 2,080,000 2,580,000 2,440,000 3,120,000 Less: closing inventory 540,000 (1,900,000) 720,000 (2,400,000) Gross profit 1,200,000 1,400,000 Expenses (900,000) (1,100,000) Net profit 300,000 300,000 BALANCE SHEET Current assets Inventory 540,000 720,000 Trade receivables 450,000 700,000 990,000 1,420,000 Current liabilities Trade payables 410,000 690,000 Bank overdraft 20,000 430,000 170,000 860,000
