SECTION A COMPULSORY Answer BOTH Questions Question 1 (40 marks) Evan trades as a sole proprietor. He maintains his own accounting records, and has asked for your help and advice in preparing Financial Statements for the year ended 30th November 2015. He had prepared the following list of balances, although you have identified additional information on these figures (referenced to the notes below: Trial Balance as at 30th November 2015 sesssted Note Inventory (at 1st Dec 2014) 7 36,200 Purchases 165.000 Revenue 273,190 Interest 4 3,000 Salaries and Wages 24.960 Insurance 5 1.680 Light and Heat 3 4,650 Other Expenses 12,106 Bad debes 6 150 Premises-cost 2 288,600 Premises -accumulated depreciation 15 Dec 2014 2 46,176 Motor vehicles-cost 1.2 24.200 Motor vehicles-accumulated depreciation (1st Dec 2014) 1.2 6.760 Trade Receivables 6 26.550 Prepayments ( 1 Dec 2014) 5 380 Trade Payables 21.500 Accruals (at 1st Dec 2014) 3 520 Cash at Bank Bank Loan 4 100.000 Drawings in the year 55,600 Equity at 1st Dec 2014) 199050 547,296 647.296 Notes 1) During the year a motor vehicle was disposed of cost 12.000 when originally acquired on 1 April 2013. Evan was not sure how to deal with the disposal, and has included the receipt from the disposal of 66.000 in Revenue No other adjustments have been made to record this transaction (see Note 2 for depreciation policies). PTO Deprecation counted for concretofowing poly The policy on non content you'rection in the year of purchase and money that 1. Premiere deprecated on the basis over 30 years with Motor Vehicle we deed on reducing tulang bisa of 20% The brought forward consigue es compresor Light and Heath and Her billeder. You can assume usage is at a deady rate over the water Theatest recent of 1.380 for the ending December 2015 pano January 2016 The loan was dot" December 2014 and patienul on 30 November 2018. to the charged every hayo. The interest vale a per annum Insurance paid in one out on to you. This year the business pod 100 let 31 March 2016 inion to the 150 Sad dobry with during the year, Evanha reviewed the Trade Revenge and considerone cutomehows now at Eano como a general provision for doubt ditt for of the main trade ao Atock take the end of you want 8000 November Required # Prepare worting to show how SECTION A COMPULSORY Answer BOTH Questions Question 1 (40 marks) Evan trades as a sole proprietor. He maintains his own accounting records, and has asked for your help and advice in preparing Financial Statements for the year ended 30th November 2015. He had prepared the following list of balances, although you have identified additional information on these figures (referenced to the notes below: Trial Balance as at 30th November 2015 sesssted Note Inventory (at 1st Dec 2014) 7 36,200 Purchases 165.000 Revenue 273,190 Interest 4 3,000 Salaries and Wages 24.960 Insurance 5 1.680 Light and Heat 3 4,650 Other Expenses 12,106 Bad debes 6 150 Premises-cost 2 288,600 Premises -accumulated depreciation 15 Dec 2014 2 46,176 Motor vehicles-cost 1.2 24.200 Motor vehicles-accumulated depreciation (1st Dec 2014) 1.2 6.760 Trade Receivables 6 26.550 Prepayments ( 1 Dec 2014) 5 380 Trade Payables 21.500 Accruals (at 1st Dec 2014) 3 520 Cash at Bank Bank Loan 4 100.000 Drawings in the year 55,600 Equity at 1st Dec 2014) 199050 547,296 647.296 Notes 1) During the year a motor vehicle was disposed of cost 12.000 when originally acquired on 1 April 2013. Evan was not sure how to deal with the disposal, and has included the receipt from the disposal of 66.000 in Revenue No other adjustments have been made to record this transaction (see Note 2 for depreciation policies). PTO Deprecation counted for concretofowing poly The policy on non content you'rection in the year of purchase and money that 1. Premiere deprecated on the basis over 30 years with Motor Vehicle we deed on reducing tulang bisa of 20% The brought forward consigue es compresor Light and Heath and Her billeder. You can assume usage is at a deady rate over the water Theatest recent of 1.380 for the ending December 2015 pano January 2016 The loan was dot" December 2014 and patienul on 30 November 2018. to the charged every hayo. The interest vale a per annum Insurance paid in one out on to you. This year the business pod 100 let 31 March 2016 inion to the 150 Sad dobry with during the year, Evanha reviewed the Trade Revenge and considerone cutomehows now at Eano como a general provision for doubt ditt for of the main trade ao Atock take the end of you want 8000 November Required # Prepare worting to show how