The following balances were extracted from the books of Jon Stayinside as at December 31, 2018. He is a sole trader who opened his wholesale store in Albany on January 1, 2016. His monthly rental is $18,000. This expense will remain the same for 8 years. Jon Suyinside rented Getthevax Johnson a very small section of the store for $2.000 per month PARTICULARS DR CR Sales 3,017,700 450,000 5.000 Capital Bad debts Stock at January 1, 2018 Purchases Returns 235.000 1,910,500 42.200 22.500 440,500 Wages Rent Payable 180.00 Rates 85,500 B00.000 Motor Vehicle Provision for Depreciation - Motor Vehicle 120,000 Prawings 26.000 Loan 000,000 Equipment 950.000 95.000 Provision for Depreciation Equipment 95,000 Provision for Depreciation Equipment Debtors 35,000 150,000 5,000 Fixtures & Fittings Provision for Depreciation - Fixtures & Fittings Provision for bad debts Commission Received 1,500 12,000 7.500 4,500 2.500 Discounts Carriage Inwards Rent Received from Gottheva Johnson) Creditors 30,000 97.000 Bank 140.000 25,500 4.895.200 4.895.200 Year end notes: ) Depreciate Equipment at 10% on reducing balance, the motor vehicles at 10% on the straight line basis, fixtures & Fittings 10% reducing balance basis b) Res are owing $35,000 Wages are prepaid $8,000 and Commission Received is owing 33,000 Stock It December 31, 2018 342,300. however it appears that an additional amount, $10.700 was found in a more room. The amoure was deemed material and should be accounted for d) on November 1, 2018, Jon took goods amounting to $5,000 from the warehouse and continued to do so at the beginning of every month up to Math 2010 The Provision for bad debts is to be revised to 15 of debton Required 1. Prepare the Statement of Profit or loss for Jon Stayinside with appropriate headings (30 mars 2. Prepare a Statement of Financial Position for Jon Stayinside, with appropriate heading (20 marks) The following balances were extracted from the books of Jon Stayinside as at December 31, 2018. He is a sole trader who opened his wholesale store in Albany on January 1, 2016. His monthly rental is $18,000. This expense will remain the same for 8 years. Jon Suyinside rented Getthevax Johnson a very small section of the store for $2.000 per month PARTICULARS DR CR Sales 3,017,700 450,000 5.000 Capital Bad debts Stock at January 1, 2018 Purchases Returns 235.000 1,910,500 42.200 22.500 440,500 Wages Rent Payable 180.00 Rates 85,500 B00.000 Motor Vehicle Provision for Depreciation - Motor Vehicle 120,000 Prawings 26.000 Loan 000,000 Equipment 950.000 95.000 Provision for Depreciation Equipment 95,000 Provision for Depreciation Equipment Debtors 35,000 150,000 5,000 Fixtures & Fittings Provision for Depreciation - Fixtures & Fittings Provision for bad debts Commission Received 1,500 12,000 7.500 4,500 2.500 Discounts Carriage Inwards Rent Received from Gottheva Johnson) Creditors 30,000 97.000 Bank 140.000 25,500 4.895.200 4.895.200 Year end notes: ) Depreciate Equipment at 10% on reducing balance, the motor vehicles at 10% on the straight line basis, fixtures & Fittings 10% reducing balance basis b) Res are owing $35,000 Wages are prepaid $8,000 and Commission Received is owing 33,000 Stock It December 31, 2018 342,300. however it appears that an additional amount, $10.700 was found in a more room. The amoure was deemed material and should be accounted for d) on November 1, 2018, Jon took goods amounting to $5,000 from the warehouse and continued to do so at the beginning of every month up to Math 2010 The Provision for bad debts is to be revised to 15 of debton Required 1. Prepare the Statement of Profit or loss for Jon Stayinside with appropriate headings (30 mars 2. Prepare a Statement of Financial Position for Jon Stayinside, with appropriate heading (20 marks)
