Answered

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Veronica, a sole trader.

Trial Balance as at 31 May 2019

Dr

Cr

GHC

GHC

Sales & Purchases

82,350

138,078

Carriage

5,144

Drawings

7,800

Rent, rates and insurance

6,622

Postage and stationery

3,001

Advertising

1,330

Salaries and wages

26,420

ad debts

877

Provision for doubtful debts

130

Debtors & Creditors

12.120

6471

Cash at bank

1:179

Stock as at 1 June 2018

11.927

Equipment at cost

58.000

accumulated depreciation

19.000

19000

53.091

216.770

216.770

Nex

The following additional information as at 31 May 2019 is available:

(a) Rent is accrued by GHC210,

(b) Rates have been prepaid by GHC880.

(c) GHC2,211 of carriage represents carriage inwards on purchases.

Equipment is to be depreciated at 15% per annum using the straight-line method

(e) The provision for doubtful debts to be increased by GHC40,

(f) Stock at the close of business has been valued at GHC13,551.

Required

Prepare an income statement for the year ended 31 May 2019 and a statement of financial position as at that date.

Sagot :

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