The following balances were extracted from the boob Chummier Enterprises as at 30 september 2018

$

Trade creditors546000

Sandary expenses134400

Land and buildings960,000

Capital1,18200

Water and lightning9600

Bad debts recovered8400

Stock292,800

Rent receivables293000

Investments408000

Salaries and wages484200

Trade debtors318000

Provision for depression62100

Discount- received55200

Discount-allowed48000

Cash at bank13200

Personal expenses414600

Provision for bad and doubtful debts 27900

Motor vehicle cost84000

Rates and insurance97200

Gross profit1272000

Additional information

1. Provision for depreciation on the motor and office equipment is to be provided so as to reflect two years depreciation at a rate of 20% per annum cost

2. Rent received amounting to $6000 has not been recorded ill the accounts. The proprietor converted this money to personal use

3. The sale day book has been overcast by $9000

4. Discount allowed amounting to$7200 had been posted to the discount allowed account but not debtors account

5. The sale return book had been overcast by $18000

6. Stock at 30 September as included in the item valued at $30000

Required

Profit and loss account for the year ended

Balance sheet as at

2. Identify six qualitative characteristics that improve decision usefulness of accounting information

3. A conceptual frame work is a statement of generally accepted theoretical principle which form the frame of reference for particular field enquiry. State explain four benefits of conceptual framework of financial reporting

4. At the end of every month Hama company limited receives a bank statement; whose running balance is ever different from Company's cash book amount. Describe what causes differences between the bank statement balance and cashbook balance.

5. State for reasons on charging depreciation on non-current asset

6. what is notes receivable

7.Trading market securities

8.differentiate between factoring and pledging

9.What are practical difficulties of small scale enterprises wishing to obtain credit

10.Distinguish between debt and equity capital