Please set up the BALANCE SHEET for his firm for the date: 21 The financial record of the activities of the firm of Mr.K for the first 6 months of 2021 are as follows(US dollars):
Costs incurred:
- Peanut seeds used from stock 250
- Fertilizers used from stock 250
- Labour costs paid from cash 500
- Fuel costs paid from cash 200
PLEASE CALCULATE THE DPRECIATION OF THE TRACTOR FOR 6 MONTHS GIVEN THAT THE ECONOMIC LIFE OF THE TRACTOR IS 20 YEARS AND THERE IS NO SCRAP VALUE WHEN IT IS NO LONGER USEFUL AT THE END OF THIS PERIOD
- Depreciation of the tractor 6 months…………
Revenue from the sale of peanuts (USD) 6 3000
Please calculate the profits of the firm for the first 6 months of 2021 and show them on the INCOME STATEMENT OF THE FIRM.