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PART A: STRUCTURED QUESTIONS Question 1: Control Accounts and Incomplete Records HubbaBubba Traders has provided the following details for the year ended April 30, 2021:
PART A: STRUCTURED QUESTIONS Question 1: Control Accounts and Incomplete Records HubbaBubba Traders has provided the following details for the year ended April 30, 2021: Bank Receipts from debtors Commission Bank interest Cash sales Fixtures 290,200 Balance b/d 87,300 Loan 16,000 Payments to suppliers 317,600 Equipment 377,400 Utilities Drawings Wages Cash purchases Rent Rates Balance c/d 1,088,500 104,500 98,000 111,600 442,000 11,200 66,700 55,000 72,100 19,600 22,500 85,300 1,088,500 List of balances: Details May 1 Apr 30 YOYO ANO List of balances: Details Stock Loan Land Fixtures Equipment Creditors Debtors Rates prepaid Commission prepaid Wages owing May 1 34,000 196,000 811,000 740,000 0 44,700 92,300 10,100 12,400 17,400 Apr 30 12,500 98,000 811,000 314,000 433,000 68,500 52,300 8,400 19,600 18,200 Additional notes: 1. Stock taken for personal use amounted to $16,200. 2. Amounts written off as bad debts totaled $8,700. 3. Discounts received from credit suppliers and discounts given to debtors amounted to $14,800 and $11,100 respectively. 4. Returns inwards totaled S22.000. 5. A set off of $3,600 was applied to both the sales and purchases, ledger. 6. The sale of fixtures was at net book value. REQUIRED: Derive the trial balance, statement of profit or loss, and statement of financial position for HubbaBubba Traders for the period. Your submission MUST include all workings, such as the statement of affairs and control accounts
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