Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following are the ledger balances for May Beauty Parlour for 30 June 2021: RM Sales 50,450 Opening inventory 11,000 Purchases 34,600 Carriage inwards 480

The following are the ledger balances for May Beauty Parlour for 30 June 2021: RM Sales 50,450 Opening inventory 11,000 Purchases 34,600 Carriage inwards 480 Wages 6,000 Rates 600 Discount Allowed 700 Rent 2,000 Insurance 160 Stationery 100 Commissions paid 260 Interest expense (for 9 months only) 240 General Expenses 120 Office Equipment 4,000 Bank Overdraft 600 Accounts Receivable 6,800 Provision for Doubtful Debts 200 Land and Buildings 26,400 Accounts Payables 3,200 Mortgage 2,000 Capital 37,010 3 Below is the additional information which was left out by Mays clerk. RM Closing inventory 7,400 Prepaid Insurance 60 Accrued wages 100 Depreciation - Office Equipment 380 Interest expenses unpaid for 3 months 80 The provision for doubtful debts is to be made equal to 6% of the Accounts Receivables. Required: Prepare: a. The Statement of Comprehensive Income for the year ended 30 June 2021. (11 marks) b. The Statement of Financial Position as at 30 June 2021. (9 marks)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting

Authors: Leslie K. Breitner, Robert N. Anthony

10th Edition

0136029442, 9780136029441

More Books

Students also viewed these Accounting questions

Question

What do you like most about the organization?

Answered: 1 week ago

Question

LO6 Describe how to choose among the recruitment sources.

Answered: 1 week ago