Question

Prepare balance sheet and income statement using the data given below. (10 marks each) Debit Credit $ Sales $ Purchases 40000 18500 Wages and salaries 5100 Repairs and maintenance 1300 Heating and lighting 900 General expenses 1200 Insurance 800 Cash at bank 2200 Cash in hand 1300 Trade receivables 4100 Trade payables Premises 3400 30000 Futures and fittings 10000 Motor vehide 8000 Capital at 1 January 2014 Drawings 52000 12000 95400 95400 The following additional information is available: Inventory at 31 December 2014 was valued at $45001

Answer 1

Income statement sales Less Purchase Less Less Repair & maintance. Heating & Lighting less General expen. Less Insurance exp. Income Wages & salgories ($2 40,000 18500 5100 1300 gon 1 290 8000 $12200 وی با Balance sheet as on 31st Dee 2014 Capital t Liabilities Capital 52200 Trade Payable 3400 total 55600 Asseff fixed assets Premises 30,000 futures and fittings logou motor vechite 8000 Carrout Assels cash at bank 2200 cash in hand 130 Trade Reecinable 4TO total 556W calh of capitul ason capital as on 1 Jan 2014 $ 52000 Add income 12200 less Draw lzon Capitus as an aith dec 2014 52 200 working plote 318) dec. 2014 dawings 5 CA