Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please do it in time ASSIGNMENT The Trial Balance of OLUWAFOWOKANMI Nig. Enterprises for the year ended 31 December, 2020 is as follows: DR CR
please do it in time
ASSIGNMENT The Trial Balance of OLUWAFOWOKANMI Nig. Enterprises for the year ended 31" December, 2020 is as follows: DR CR N N Capital 20,000 Sales 196,450 Purchases 108,965 Debtors and Creditors 21,430 51,363 Salaries 36,175 Postages and telephone 563 Electricity 974 Rent 7,200 Carriage outwards 1,237 Returns inwards 496 Returns outwards 825 Transport and travelling 5,230 Repairs and maintenance 6,513 Opening inventory 13,485 Furniture and fittings: at cost 31,450 Motor vehicles: at cost 32,000 Accumulated Depreciation: Furniture & Fittings 9,380 Motor Vehicle 12,000 Cash 1,375 Bank 22.925 290,018 290,018 Additional Information: Accrued expenses: Electricity N87, Rent N800. Depreciation: furniture & fittings 20% on cost, motor vehicle 25% on cost. Cash sales of N425 was completely omitted from the books. An advertising expenses of N480 paid in cash was not recorded. The closing inventory was valued at N18,324. You are required to prepare Statement of comprehensive income (Trading, profit & loss Account)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started