10% unclal profits with effect year. QUESTION 5 The trial or losses in the ratio
ID: 2328177 • Letter: 1
Question
10% unclal profits with effect year. QUESTION 5 The trial or losses in the ratio of their capital balances as at from 01 December 2016 balance, adjustments and additional informati of Concha Traders on 28 February 2017, the end of the financial yer. FINANCIAL STATEMENTS (20) on given below were extracted from the accounting REQUIRED Prepare the Statement of Financial Position of Concha Tr financial statements are not required. Where applicable aders as at 28 February 2017. The notes to the , show calculations in brackets. INFORMATION CONCHA TRADERS PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017 Balance sheet accounts section Debit (R) Credit(R) Drawings Vehicles at cost Equipment at cost Accumulated depreciation on vehicles Accumulated depreciation on equipment Trading inventory Debtors control Provision for bad debts 162 000 70 000 180 000 90 000 38 000 70 000 32 000 4 000 an Cash float Creditors control Mortgage loan: Aries Bank (16% pa) Nominal accounts section Sales Cost of sales Sales returns Salaries and wages Bad debts Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges Insurance 22 000 40 000 80 000 485 000 240 000 5 000 84 000 5 000 2 000 28 000 15 000 2 000 7 000 11 000 3 000 4 000 6 000 5 000 906 000 Interest on mortgage loan Commission income 71Explanation / Answer
Solution;
STATEMENT OF FINANCIAL POSITION OF CONCHA TRADERS
as on february , 28 , 2017
LIABILITIES AMOUNT ($) ASSETS AMOUNT ($) Capital 162,000.00 Vehicles 180,000.00 Add: Net income 38,970.00 Less: Accumilated depreciation (117,000.00) Less: Drawings (70,000.00) 63,000.00 130,970.00 Equipment 120,000.00 Mortgage loan 80,000.00 Less: Accumulated depreciation (58,500.00) Creditors control 40,000.00 61,500.00 Outstanding interest 19,530.00 Debtors 32,000.00 Less: Provision for bad debts (4,000.00) Less: Bad debts (5,000.00) 23,000.00 Trading inventory 68,000.00 Bank 22,000.00 Cash 2,000.00 Lease hold property 31,000.00 270,000.00 270,000.00Related Questions
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