Philemon

Insert Draw Design Shar X LG Times New... 12 ' Aa v AO B I Uab x x AOA- 1 214 Styles v Did Question 3 The following trial balance as at 31 May 2021 has been prepared for Philemon Co. Credit (5) Debit (5) 310,320 280,100 103.490 420,000 46,932 49,240 3,715 33,515 8,100 38,060 20,000 80,000 7,720 5,123 Plant and machinery Motor vehicle Fixtures and fittings Capital, Philemon Bank overdraft Opening stock, 1 June 2020 Returns Trade receivables Trade payables Goodwill Bank loan (due in year 2030) Interest on bank overdraft Drawings Gain on disposal of fixed assets Sales revenue Purchases Office rental expense Shop utility expense Promotion expense Office stationery expense Telephone charges Discount Salesmen's salaries & commission Insurance premiums Carriage inwards Carriage outwards Advertising Bank charges 6,000 520,240 30,668 100,749 24,000 10,800 87,100 4,948 3,264 9,330 11.475 12,720 6,988 10,126 50.133 5,144 1.150.000 1.150.000 e 5 of 9 1168 words ITX English (Singapore) Dl Focus Additional information: (ii) Value of stock as at 31 May 2021 was $50,520. Philemon brought home inventory of $700 for personal use. This transaction has not been recorded Required: Based on the Trial Balance as at 31 May 2021 above, prepare the following statements in the excel template given (a) A properly classified Profit & Loss Statement (narrative format). 6) A properly classified Statement of Financial Position (narrative format). Please note that in the Excel Template below, both statements are already partially prepared I for you. (Total: 25 marks) 5 of 9 1168 words UK English (Singapore) O Focus acBook Pro