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urgent help please. please show clear working out Question 1 Peter Pan does not maintain a full set of accounting records, but needs to determine
urgent help please. please show clear working out Question 1 Peter Pan does not maintain a full set of accounting records, but needs to determine his profit at the end of his financial year June 30, 2020. The following is a summary of his bank account: Bank Account Balance b/d 10 280 Payments to Suppliers 365 720 Sales 487 440 Rent & Rates 25 420 Balance c/d 2 360 General Expenses 30 040 Insurance 3 900 Drawings 75 000 500 080 500 080 Peter Pan confirmed that an amount of $42 360 was taken from the shop register and used to pay wages of $25 600. The remainder was taken by Peter as drawings. He is also able to provide the following details: June 30 2019 S Accounts Receivable 44 000 Inventory 48 600 Rent Prepaid 5 840 Furniture (Cost $200 000) 180 000 Accounts Payable 38 900 Motor Vehicles (Cost $250 000) 225 00 General Expenses Owing 1 620 June 30 2020 S 53 000 63 000 6.900 ? 34 180 2 2 380 Peter has informed you that he had adopted a policy to depreciate his equipment at 10% on the straight line basis, and the motor vehicles at 10% on the reducing balance method. . During the year ended June 30, 2020 Discounts received from credit suppliers amounted to $3000. Credit customers returned goods totaling $4 000. The insurance premium was for the twelve months ending September 30, 2020 $1 200 was set off against Accounts Payable for a customer who bought goods from the firm and also sold goods to the firm. . . Required: Prepare the set of final accounts for the year ending June 30, 2020. All working must be clearly shown (59 marks)
urgent help please. please show clear working out
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