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Please help. The following trial balance of C. David was extracted as at 31 March 2018: Dr Cr 11,423 98,787 Inventory as at 1 April
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The following trial balance of C. David was extracted as at 31 March 2018: Dr Cr 11,423 98,787 Inventory as at 1 April 2017 Sales Purchases Heating and lighting Wages Distribution costs Machine repairs Discounts allowed Machinery Vehicles Provision for doubtful debts Bad debts Trade receivables Trade payables Bank Loan (repayable in 2022) Capital Drawings 79,121 893 7,121 2,321 989 864 25,400 9,250 280 187 6,000 5,402 1,400 10,000 39,000 8,500 153,469 153,469 Notes: (1) Inventory in trade was valued at $13.490. (1) Accruals were as follows: (a) Wages $1,120 (b) Distribution costs 435 (c) Machine repairs 87. (1) Heating and lighting prepaid was 134. (iv) The provision for doubtful debts is to be maintained at 1 of trade receivables (iii) Heating and lighting prepaid was $131. (iv) The provision for doubtful debts is to be maintained at 1% of trade receivables. Requirement: Draw up the Statement of financial Position & the Balance sheet as at March 31st 2018. Remember to Include the adjustments from the notes in the statementsStep by Step Solution
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