Required:

1. make a worksheet (7 marks)

2. Prepare a Profit or Loss Statement for the year ended 31^st December 2019 (7 marks)

3. Prepare a Balance Sheet as at 31^st December 2019 (10 marks)

Current Assets Bank Accounts Receivable Inventory Rays Retail Store Balance Sheet as at 31st December 2018 Current Liabilities $5,000 Accounts Payable $ 4,000 3,000 Non Current Liabilities 15,000 Loan 15,000 $ 23,000 Total Liabilities $ 19,000 Owner's Equity 35,000 Capital $ 30,000 Retained Earnings 9.000 Total Equity 39,000 $ 58,000 Total Liabilities & Equity $ 58,000 Non Current Assets Fixtures & Fittings Total Assets During 2019 the following transactions took place: Credit Purchases of Inventory Cash Sales Credit Sales Paid Wages Paid Accounts Payable Collections from Accounts Receivable Paid Interest on Loan Repaid Loan Principal Owner's Drawings Depreciation of Fixtures & Fittings Telephone Expenses incurred but not yet paid Other information Inventory on hand at 31st December 2019 33,000 25,000 35,000 14,000 29,000 30,000 500 5,500 5,000 4,000 2,500 $12,000