Question 1: Control Accounts and Incomplete Records

RazzleDazzle Traders has provided the following details for the year ended March 31, 2021:

Bank AC

Cash sales 297,500, Balance b/d 93,000, Receipts from debtors 270,500, Drawings 74,500, Fixtures 396,500, Payments to suppliers 126,800, Bank interest 13,300, Equipment 436,500, Commission 90,200, Rent 20,000, Rates 11,700, Wages 85,000, Cash purchases 66,300, Utilities 9,000, Loan 101,000, Balance c/d 44,200, Total 1,068,000 ...1,068,000.

List of balances:

Details Apr 1 Mar 31

Creditors 66,400 89,500

Debtors 101,200 74,300

Stock 55,000 62,500

Loan 206,000 105,000

Land 780,000 780,000

Fixtures 620,000 211,000

Equipment 0 412,000

Rates owing 7,200 6,600

Commission prepaid 19,500 22,300

Wages prepaid 17,400 18,200

Additional notes:

Stock taken for personal use amounted to $11,300

Amounts written off as bad debts totaled $9,200

Discounts received from credit suppliers amounted to $10,400

The sale of fixtures was at net book value

REQUIRED: Derive the trial balance, statement of profit or loss, and statement of financial position for RazzleDazzle Traders for the period. Your submission MUST include all workings, such as the statement of affairs and control accounts.