Saved Week 10 Individual homework (required) 1 The trial balance for Jock at 31 December 20X8 is as follows: Debit E Credit E 14,800 40 Doints 6,200 370 3,200 eBook 2,460 220 ASK Sales revenue Trade receivables Allowance for irrecoverable debts Purchases Trade payables Provision for discounts Rent Rates Inventory at 1 January Motor car Provision for depreciation Bank Capital account 440 660 220 14,800 References 2,220 6,200 11,650 311720 31,720 Additional information: 1. Closing inventory value is 740. 2. The rates in the trial balance cover the 15 months to 31 March 20X9. 3. The motor car is depreciated using 15 per cent straight-line method. Depreciation is yet to be calculated. 4. A credit customer with a balance on his account of 1,240 is bankrupt. 5. Remove the provision for discounts and provide for a 10 per cent irrecoverable receivable provision, Required: a. Prepare the statement of profit and loss for Jock for the year ended 31 December 20X8. (Input all amounts as positive v : Prey 1 of 12 Next > e to search o Required: o. Prepare the statement of profit and loss for Jock for the year ended 31 December 20X8. (Input all amounts as positive value except losses which should be indicated by a minus sign.) Profit and Loss Account for Jock For The Year Ended 31 December 20X8 E 14.800 Sales revenue Cost of sales Motor vehicle depreciation Purchases Rates 14,800 3,200 660 18,680 OL Rates Gross profit Less Expenses 14.800 14.800 Prev 1 of 12 Next > Week 10 Individual homework (required) Saved 1 b. Prepare the statement of financial position at the same date. 40 Statement of Financial Position for Jock As at 31 December 20X8 Cost Depn f points NBV Assets eBook Non-current assets Ask 10,360 10.360 References Current assets 0 0 10,360 Total ent assets Total assets Equity and Liabilities Owners equity capital 0 HE Prey 1 of 12 Next > BE re to search