Question
The following are extracted balances from The Muppets Inc accounting records along with other information relating to the business's year end on 30 April 2017:
The following are extracted balances from The Muppets Inc accounting records along with other information relating to the business's year end on 30 April 2017:
Share Capital as at 1 May 2016 114,755
Machinery cost 100,000
Sales Revenue 59,000
Motor Vehicles cost 50,000
Purchases 25,000
Trade Receivables 13,500
Trade Payables 12,500
Accumulated depreciation: Machinery 10,000
VAT payable 7,750
Net Profit as at 30 April 2017 7,105
Accumulated depreciation: Motor Vehicles 5,000
Water 4,500
Inventory as at 1 May 2016 3,500
Wages and Salaries 3,500
Rent 3,000
Bank (DR balance) 1,800
Purchases Returns 1,355
Municipality tax 1,250
Bad Debts written off 1,150
Sales Returns 1,250
Discounts Allowed 950
Cash in Hand 760
Drawings 750
Discounts Received 550
Notes:
The Rent figure includes $600 relating to May, June and July 2017.
The Machinery still has to be depreciated at year end by 10% straight line.
There were unpaid Wages and Salaries at year end 30 April 2017 of $800.
The scheduled inventory count at year end 30 April 2017 valued Inventory at $5,000.
Motor Vehicles year end depreciation (diminishing /reducing balance at 10%) has not yet been calculated.
Required: Prepare a Statement of Financial Position for its year end.
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