Rates paid Example 4: Emem Inyang, who runs grocery cash paid to creditors shop does not keep proper books of account. From enquiry, you ascertain that his assets and liabilities at the beginning and at the end of his accounting period which ended on 28th February were as follows: Emem Inyang Assets and Liabilities 1 March 1984 28th Feb., 1985 D: D Premises at cost 9,000 9,000 Furniture at cost 3,100 3100 Stock 4,250 3,930 Sundry debtors 1,215 Sundry creditors 2,495 2,145 2,285 Cash in hand 2,330 2,610 Cash Receipts and Payments D Wages Paid 3,010 3 Cash received from customers Sundry expenses paid 40,650 1,050 Stationery and printing paid Telephone charges paid Electricity charges paid 32.170 120 570 720 345 Any cash not accounted for is to be considered as Inyang drawings. You have also cliscovered that Inyang returned to suppliers goods Costing-D500 from his personal use. The D30 trad been taken care of before arriving at the figure for stationery and printing. You are required to prepare (a) A statement of affairs of Enem inyang as at 1/3/84 (b) A cash summary of the business for the year ended 28th February, 1985. (c) A trading and profit and loss account for the Year ended 26th February, 1985. (ignore depreciation). (d): A Balance Sheet