Question
Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note : you
Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings. (20 Marks)
Type of Account | $ |
Accounts Receivable | 46500 |
Provisions | 50000 |
Prepayments | 1200 |
Sales Revenue | 455000 |
Plant and Equipment | 220000 |
Other Current Assets | 11000 |
Borrowings | 120000 |
Interest on Borrowings E | 6000 |
Accumulated Depreciation | 48500 |
Accounts Payable | 26000 |
Share Capital | 450000 |
Land and Buildings | 339000 |
Inventory | 78000 |
Two Year Term Deposit | 98500 |
Cash at Bank | 32000 |
Retained Earnings | ? |
Salaries expense | 215000 |
Salaries Accrued | 12500 |
Insurance Expense | 9000 |
Annual Depreciation | 22000 |
Utilities Expense | 8500 |
Selling Expenses | 25000 |
Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020.
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