Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following balances were extracted from the books of Kimmie Deon for the period 30/06/21. Sales Capital Stock at 01/07/2020 Purchases Return Inwards Wages
The following balances were extracted from the books of Kimmie Deon for the period 30/06/21. Sales Capital Stock at 01/07/2020 Purchases Return Inwards Wages Return Outwards Rent expense Rates Motor Vehicles Provision for Depreciation - Motor Vehicle Drawings Loan Building Provision for Depreciation - Building Equipment Provision for Depreciation - Equipment Debtors Fixtures & Fittings Provision for Depreciation - Fixtures & Fittings Provision for bad debts Commission Received Carriage Outwards Carriage Inwards Rent Received (from John Jones) Creditors Bank Cash Year-end notes: (a) Stock at 30/06/21 was valued at $9,188. 12.405.00 32,376.00 592.00 13,782.00 3.215.00 1.442.00 18,375,00 2,100.00 39,375.00 17,060,00 11,130,00 18.370.00 2.100.00 582.00 3,612.00 176,516.00 72,189.00 39,375.00 656.00 3,675.00 23,625.00 7,875.00 3,540.00 3,675.00 1,706.00 6,825.00 2.100.00 4,050.00 7,225.00 176,516.00 (b) Depreciate Building at 8% on the straight line, Equipment at 5% on reducing balance, the Motor Vehicles at 10% on the reducing balance, Fixtures & Fittings at 20% straight line. (c) Wages is prepaid by $700 and rates is owing by $306 and commission received is owing by $350. (d) The owner took goods worth $125, each month commencing March 1, 2021 until August 31, 2021 which was not previously recorded. (e) The provision for bad debt is to be adjusted to 10% of debtors. (1) Kimmie rented an office space to John Jones for the entire year at $200 per month. Required: (a) Prepare the Financial Statements of Kimmie Deon for the year ending 30 June 2021.
Step by Step Solution
★★★★★
3.54 Rating (164 Votes )
There are 3 Steps involved in it
Step: 1
To prepare the financial statements of Kimmie Deon for the year ending 30 June 2021 we need to organ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started