The following information is relevant. 1 The closing inventory at 5 April 2022 is valued at 143,000. 2 On 5 January 2022 Tom sold a motor vehicle for 12,000. The customer was due to pay Toms Tents on 5 April 2022 but had not paid at the year-end. This disposal has not been recorded in the accounts. This motor vehicle had been bought on 6 April 2019 for 25,000.

3 On 6 January 2022, Tom bought a new motor vehicle on credit for 30,000. At the year-end Tom had still not paid for this motor vehicle and the transaction had not been recorded in the accounts. 4 Depreciation on motor vehicles is provided at 20% per annum using the reducing balance basis on a monthly pro-rata basis. Depreciation on fixtures and fittings is provided at 10% per annum on the straight line basis, assuming no residual value. There were no purchases or disposals of fixtures and fittings during the year. 5 Tom estimates that 6,000 due from customers will be irrecoverable and must be written off. 6 The allowance for receivables is to be set at 5% of net receivables at 5 April 2022. 7 Rent includes a prepayment of 2,000. 8 Insurance includes a prepayment of 700. 9 The heating bill will arrive on 5 May 2022 and about 500 is expected to relate to the period until 5 April 2022. 10 The long-term loan is repayable in 5 years time. Interest payable on the loan is 6% and will be paid once per year.

Required:

1. Prepare the income statement for Jeffs Camping Supplies for the period ended 5 April 2022. Show your workings. (20 marks) 2. Prepare the balance sheet for Jeffs Camping Supplies as at 5 April 2022. Show your workings.

31. Below is the trial balance of Jeff's Camping Supplies at 5 April 2022. Export PDF Edit PDF Create PDF Comment Combine Files Organize Pages Compress PDF Redact Prepare Form Request E-signatu... The following information is relevant. 1 The closing inventory at 5 April 2022 is valued at 143,000. 2 On 5 January 2022 Tom sold a motor vehicle for 12,000. The customer was due to pay Tom's Tents on 5 April 2022 but had not paid at the year-end. This disposal has not been recorded in the accounts. This motor vehicle had been bought on 6 April 2019 for 25,000