QUESTION 1

14 640 The following trial balance has been extracted by the bookkeeper of Johanna James, who sells carpets, as at 31 May 2021 Dr Cr Debtors 37 200 Creditors 30 640 Commission received 4 280 Bank Capital 56 180 Sales 289 620 Purchases 182 636 Inventory at 1 June 2020 32 020 Insurance 5 680 Wages and salaries 36 930 Electricity 3 640 Rent and rates 11 294 Vehicles 20 000 Provision for depreciation on vehicles 4 000 Equipment 10 000 Provision for depreciation on equipment 1 000 Miscellaneous expenses 1 690 3368 Motor expenses Drawings 26 622 385 720 385 720 You are required to: a) Prepare the Statement of comprehensive Income for the year ended 31 May 2021. b) Prepare the Statement of Financial Position as at 31 May 2021