Question
Th e following balances are taken from the books of George Anderson at the end of his first year trading on 31 December 2014. Debit
Th e following balances are taken from the books of George Anderson at the end of his first year trading on 31 December 2014.
| Debit | Credit |
$ | $ | |
Sales |
| 40000 |
Purchases | 18500 |
|
Wages and salaries | 5100 |
|
Repairs and maintenance | 1300 |
|
Heating and lighting | 900 |
|
General expenses | 1200 |
|
Insurance | 800 |
|
Cash at bank | 2200 |
|
Cash in hand | 1300 |
|
Trade receivables | 4100 |
|
Trade payables
Premises |
30000 | 3400 |
Fixtures and fittings | 10000 |
|
Motorvehicle Capital at 1 January 2014 Drawings | 8000
12000 |
52000 |
| 95400 | 95400 |
The following additional information is available: Inventory at 31 December 2014 was valued at 54500. Requi red :
- Prepare income statement for the year ended 31 December 2014.
- Prep(are a balance sheet as at 31 December 2014.
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