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Please I need it asap. Give me the answer as soon as possible. It's very urgent. 1. The following trial balance given for a trader,
Please I need it asap. Give me the answer as soon as possible. It's very urgent.
1. The following trial balance given for a trader, J Smith on 30 Nov 2021 clan Trial balance as at 30 Nov 2021 $ Purchase and revenue $ 140 000 250 000 Returns 2 000 6 000 Discounts 3 500 2 500 Commission 6 200 Trade receivable and trade payable 14 000 15 000 Cash at bank 6 500 Cash in hand 200 Inventories at 1 Dec 2020 2 500 Motor van at cost 10 000 Fixtures (cost 30 000 15 000 Premises 100 000 Provision for depreciation on: Motor van 5 000 Premises 15 000 Allowance for irrecoverable debts 800 Inrecoverable debts 3 200 Stationery 560 Bank charges 1 500 Drawings 21 540 40 000 Capital 15 000 Staff wages & salaries 18 000 Rent, rates and insurance 347 000 347 000 The following information given at the year ended on 30 Nov 2021: 1. Closing inventory valued at $ 6 200 2. Staff wages owing $2 000 3. Commission received accrued $ 450 4. Rent accrued $ 500 and an insurance amount of $ 1800 paid on 1 September 2021 for the six months period ended on 28 Feb 2022. No adjustment made on 30 Nov 2021 in this respect. 5. Allowance for doubtful debts should be made on trade receivable @ 5% 6. Provision for depreciation should be charged on: Premises @ 10% of costs Motor van @ 20% reducing balance method Fixtures @ 10% reducing balance method Req. a) Prepare a statement of comprehensive income for the year ended 30 Nov 2021 b) Prepare a statement of financial position at 30 Nov 2021Step by Step Solution
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