Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following trial balance has been extracted from the books of Moira as of 31 March 2019: DR CR Interest income received 6000 Insurance 2200
The following trial balance has been extracted from the books of Moira as of 31 March 2019:
DR | CR | |
Interest income received |
| 6000 |
Insurance | 2200 |
|
Inventory (on 1 April 2018) | 8000 |
|
Drawing | 3000 |
|
Bank | 10000 |
|
Vehicle at cost | 6000 |
|
Capital |
| 25000 |
Land | 40000 |
|
Wages / Salaries | 5000 |
|
Creditors |
| 7000 |
Debtors | 5000 |
|
Electricity | 1800 |
|
Miscellaneous expenses | 4600 |
|
Purchases | 12400 |
|
Sales |
| 60000 |
98000 | 98000 |
Additional information:
- Inventory on 31 March 2019 was 1000.
Required:
- Prepare Moiras Income statement for the year to 31 March 2019
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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