Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Question 4 (20 marks) The following is the trial balance for Victory Limited as at 30 September 2019. Victory Limited Trial Balance as at 30
Question 4 (20 marks) The following is the trial balance for Victory Limited as at 30 September 2019. Victory Limited Trial Balance as at 30 September 2019 Dr Cr Cash 308,500 110,000 30,000 300,000 Accounts receivable Supplies Fumiture and fixture Accumulated depreciation - furniture and fixture Salary payable Accounts payable Share capital Retained earnings Cash dividends Service revenue Electricity expense Rent expense Salary expense Depreciation expense - furniture and fixture 150,000 10,000 65,000 200,000 263,000 10,000 420,500 20,000 120,000 180,000 30,000 1,108,500 1,108,500 Additional information: (i) Accrued service revenue at 30 September, $5,000. (ii) Supplies used during the year, $2,000. Required: For Victory Limited, (a) prepare the income statement for the year ended 30 September 2019. (4 marks) prepare the statement of changes in equity for the year ended 30 September 2019. (3 marks) (b) prepare the classified statement of financial position as at 30 September 2019. (13 marks) (c)
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