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The following Trial Balance was extracted from the books of the Goodwill Ltd on 31 March 2016: Adjustments: i. Rental income of $1,200,000 due at
The following Trial Balance was extracted from the books of the Goodwill Ltd on 31 March 2016: Adjustments: i. Rental income of $1,200,000 due at 31 March 2016 not yet received. ii. Purchases were made evenly during the year. The inventory at 31 March 2016 represented the purchases made in the month of March 2016. iii. Tax prepaid amounted to $900,000. iv. Provide for depreciation: Equipment $2,800,000, Furniture $800,000. Prepare the following for Goodwill Ltd. (a) The Statement of Comprehensive Income (20 marks) (b) The Statement of Financial Position showing the working capital (15 marks)
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