Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 10 Jason the owner of Jason Enterprise extracted the following balances as at 31 December 2018. Particulars Debit ($) Credit ($) 2,368 200 Beginning

image text in transcribedimage text in transcribed

Question 10 Jason the owner of Jason Enterprise extracted the following balances as at 31 December 2018. Particulars Debit ($) Credit ($) 2,368 200 Beginning Inventory Carriage outwards Carriage inwards Return inwards and outwards 310 248 322 Purchases 10,874 Sales 19,600 Salaries and wages 3,862 211 Advertisement Rent 304 78 164 216 166 Insurance Repairs of motor vehicle Office expenses Travel expenses General expenses Premises Fixtures and fittings Trade receivables and payables Fixed deposit at BIMB Cash in hand Cash at bank Drawings Capital Loan from Finance company Discount allowed and received 314 35,555 2,800 3,896 8.000 1,231 482 1.210 1,200 36,000 15,000 200 45 Commission revenue 150 72,503 72,503 Additional information: i. ii. iii. iv. Inventory as at 31 December 2020 are valued at $2,900. Rent accrued on 31 December 2020 was $50. Commission revenue of $50 was still not received as at 31 December 2020 Depreciation for the year are to be provided as follows: Fixtures and fitting 20% on straight line method Premises 15% on straight line method Provision for doubtful debts of 3% of account receivables was created on 31 December 2020. During the year the proprietor took goods costing $350 from the business for his own use. V. vi. Prepare: a) Prepare a Statement Comprehensive Income for the year ended 31 December 2018. (10 marks) b) Prepare a Statement of Financial Position as at 31 December 2018. (10 marks) (Total: 20 Marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles Of Auditing

Authors: A. Pandu

1st Edition

8189630822, 978-8189630829

More Books

Students also viewed these Accounting questions

Question

Is the description accurate?? p-258

Answered: 1 week ago

Question

Develop clear policy statements.

Answered: 1 week ago

Question

Draft a business plan.

Answered: 1 week ago

Question

Describe the guidelines for appropriate use of the direct plan.

Answered: 1 week ago