Sheila is a sole trader. She pays all the sales receipts into the business bank account....
Sheila is a sole trader. She pays all the sales receipts into the business bank account. She provided her accountant with the following information for the year ended 31 December 2018
Bank account summary for the year ended 31 December 2018
DR
Rent received 16 600 / Trade receivables 204 200 / Cash sales 19 510
CR
Balance b/d 6 520 / Trade payables 123 460 / General expenses 24 000 / Wages 31 560 / Motor vehicles 18 200 / Equipment 19 400 / Drawings 25 560
Sheila’s remaining assets and liabilities were:
| 1-Jan-18 | 31-Dec-18 | |
| Inventory (at cost) | 21 300 | 16 400 |
| Premises (at cost) | 100 000 | 100 000 |
| Equipment (net book value) | 26 400 | 25 600 |
| Motor vehicles (net book value) | 66 000 | 69 200 |
| Trade receivables | 24 400 | 27 600 |
| Trade payables | 16 500 | 18 470 |
| General expenses prepaid | 1 100 | 900 |
| Rent received prepaid | 800 | - |
| Rent received owing | - | 1 300 |
| Wages owing | 2 300 | 600 |
Additional information:
1 Sheila allowed her customers discounts of $4300.
2 Discounts received from suppliers were $3300.
3 Sheila has decided to create a provision for doubtful debts of 2%
of the trade receivables outstanding at 31 December 2018.
4 General expenses in the bank account summary include an amount of
$660 which relates to the payment of Sheila’s private house
insurance.
5 Sheila had taken goods at a cost price of $3600 for her personal
use.
Required: (a)Income Statement for the year ended 31 December 2018
[17]
(b) Statement of Financial Position
at 31 December 2018 [13]
Homework Answers
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