Required:

1) Prepare an Income Statement (P&L) for Ramazonia Trading Ltd for the financial year 2019-2020. (2.5 marks)

2) Prepare a Statement of Financial Position (Balance Sheet) as at 30 June 2020. (2.5 marks)

3) Prepare the closing journals for Ramazonia Trading Ltd. (2 marks)

Ramazonia Trading Ltd is in its second year of operation and it has the following unadjusted trial balance as at 30 June 2020.

ACCOUNT TITLES DEBIT CREDIT

_{CASH 29050}

_{ACOUNT REC 34,600}

_{SUPPLIES 190,000}

_{PREPAID INSURANCE 15000}

_{INSURANCE EXPENSES 7,500}

_{VEHICLES 60,000}

_{ACCUMULATED DEPRECIATION 24000}

_{OTHER ASSESTS 23,800}

_{WAGES PAYBLE 6580}

_{ACCOUNT PAYBLE 45034}

_{INCOME TAX PAYABLE 21400}

_{SHARE CAPITAL(3000 SHARES OUTSTANDING ALL YEAR. 20000}

_{RETAINED PROFIT 76,800}

_{SALES REVENUE 487050}

_{COGS 146,116}

_{WAGES EXPENSES 39480}

_{SUPPLIES EXPENSES 67335}

_{INCOME TAX EXPENSES 67987}

TOTAL 680868 680868

_{SUPPLIES EXPENSES}

_{INCOME TAX EXPENSES}

TOTAL