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The following is the trial balance of Kibe Traders as at 30 th June 2022 Shs. Shs. Sales 12,150,000.00 Stock 1 st July 2021918,000.00 Deposit
- The following is the trial balance of Kibe Traders as at 30th June 2022
Additional Information
- Closing stock was valued at shs. 800,000
- The proprietor had taken goods worth shs. 14,000 for domestic use
- Prepaid rent for the three months of July to September of the year 2022 amounted to Shs. 24,000.
- A further amount of sh. 10,000 is to be written off as bad debts.
- The provision for bad debts at the end of the year is to be adjusted to 5% of trade debtors.
- Depreciation on fixed assets is to be provided as follows:
Motor vehicles - 20% on straight line basis
Fixtures and Fittings 10% on reducing balance basis
- An electricity bill for the month of June 2022 amount to sh. 800 was received on 3 July 2022
- Loan interest amounting to sh. 21,000 has not been paid.
Required:
- Trading, profit and loss account for the year ended 30thJune 2022 (10mks)
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