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Q3. The following information has been extracted from the business accounts of Mathew Lloyd for his first year of trading which ended on 31 st
Q3. The following information has been extracted from the business accounts of Mathew Lloyd for his first year of trading which ended on 31st December 2008
Purchases 94,350
Sales 125,890
Stock at 31 Dec 2008 5,950
Rates 4,850
Heating and lighting 2,120
Wages and salaries 10,350
Office equipment 8,500
Vehicles 10,750
Debtors 3,950
Bank balance 4,225
Cash 95
Creditors 1,750
Value added tax 450
Capital 20,000
Drawings 8,900
Required: prepare income statement and statement of financial position for the year ended 31st December 2008.
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