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Question 2 (20 marks) Tumisang Moshe, a sole trader, extracted the following trial balance from his books at the close of business on 31 July
Question 2 (20 marks) Tumisang Moshe, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 2018. Debit Credit Purchases 65, 240 Sales 137. 425 Capital 45,845 Bank 20,000 Cash 200 Discount allowed 2.400 Returns Inwards 3, 580 Returns outwards 1,400 Carriage inwards 2, 410 Rent Provision for doubtful debts Office furniture 5, 600 Motor van 15,000 Accounts Receivables 12,300 Accounts Payables 10, 500 Drawings 19,600 Salaries and wages 42,000 General expenses 195,670 195.670 6. 780 500 560 Total Additional Notes i. Closing inventory 31 March 2017 P6. 500 ii. Accrued salaries and wages P5,000 iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3,750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. (10 marks) b. Prepare a Statement of Financial Position as at 31 July 2018. (10 marks)
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