Trail Balance of Fine Young Investment stores as on 28 February 2017

Balance Sheet Account Section

Capital B1 Cr 340 000.00

Drawings B2 Dr 39 640.00

Land and Buildings B3 Dr 270 000.00

Vehicles B4 Dr 80 000.00

Equipment B5 Dr 45 000.00

Provision for Depreciation on vehicles B6 Cr 29 740.00

Provision for Depreciation on Equipment B7 Cr 18 600.00

Loan: ABC Bank B8 Cr 70 000.00

Fixed Deposit : DEF Building Society B9 Dr 10 000.00

Stock 01/03/2016 B10 Dr 34 740.00

Debtors B11 Dr 15 880.00

Bank B12 Dr 20 000.00

Cash B13 Dr 4 767.00

Petty Cash B14 Dr 250.00

Cash Float B15 Dr 550.00

Creditors B16 Cr 23 767.00

Nominal Account Section

Sales N1 Cr 432 700.00

Sales Returns /Returns N2 Dr 6400.00

Purchases N3 Dr 286 200.00

Purchases Returns /Returns OutwardsN4 Cr 3 700.00

Interest on Fixed DepositN5 Cr 700.00

Rent IncomeN6 Cr 14 950.00

Salaries N7 Dr 82 000.00

Telephone N8 Dr 4 980.00

Stationery N9 Dr 1 880.00

Interest on Loan N10 Dr 12 000.00

Water and Electricity N11 Dr 5 080.00

Bad debts N12 Dr 890.00

Discount Allowed N13 Dr 1 050.00

Repairs N14 Dr 3 740.00

Rates N15 Dr 3 980.00

InsuranceN16 Dr 5 300.00

Discount Received N17 Cr 2 930.00

Carriage InwardsN18 Dr 2 720.00

Totals: Dr 937 087 Cr 937 087

Adjustments and additional information

1. Closing Inventory N$12 350

2. Interest on Loan amounts to 20% p.a Interest of N$ 3 500 is still payable.

3. The rent for March 2015 has already been received

4. Insurance includes an amounts of N$ 400.00 paid for the next financial year

5. The interest on fixed deposit is 14% p.a and it was invested on 1 June 2016. Three

monthss interest is still outstanding.

6. The repairs account, N$ 320.00 and Water and Electricity account of N$ 400.00 for

Febraury 2015 have been received but have not yet been paid

7. A debtor,B.Zaaruka account must be written off as irrecoverable ,N$ 670.00

8. Depreciation on vehicles must be taken into account at 20% p.a on the Diminishing

balance Method and on equipment at 15% p.a using the Cost Method.

REQUIRED

a) The Statement of Comprehensive Income of the year ended 28 February 2017( 30 Marks)

b) The Statement of financial position as at 28 February 2017 ( 20 Marks)