Question
Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020 Type
Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020
| 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 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
