Owners of Wood Trading Pte Ltd have asked you to prepare year end accounts after
ID: 2562605 • Letter: O
Question
Owners of Wood Trading Pte Ltd have asked you to prepare year end accounts after closing their books as at 31 December 2012 with the following trial balance. Wood Trading Pte Ltd Trial Balance As at 31 December 2012 DebitS Credit IS 31,560 Accounts receivable 5,000 21,080 Prepaid insurance Funiture & Fittings Accunmulated depreciation - Funiture &Fittings; Accounts payable Long tem loan Note payable, short term Uneamed revemue Share capital 5,480 6,300 20,000 6,000 1,860 150,000 160,000 Accunmulated depreciation - Equipment Motor vehicle Accumulated depreciation - Motor vehicle Retained enings 15,000 60,000 5,500 69,430 Uilities expense Salaries expense Interest expense 18,860 1,880 1,650 980 Telephone expense -361 870361.870 Required: Use the Trial Balance to prepare Wood Trading Pte Ltd's Statement of Financial Position as at 31 December 2012Explanation / Answer
Balance sheet Assets $ $ Cash 31,560 Accounts Receivables 36,200 Supplies 2,000 Prepaid insurance 5,000 Current Assets 74,760 Furniture and fictures 21,080 Less Accumulated depreceiation (5,480) 15,600 Equipment 160,000 Less Accumulated depreceiation (15,000) 145,000 Motor Vehicle 60,000 Less Accumulated depreceiation (5,500) 54,500 Total Assets 289,860 Liabilities Accounts payable 6,300 Notes payable Short term 6,000 Unearned revenue 1,860 Current Liability 14,160 Long term loan 20,000 Common Stock Share Capital 150,000 Retained earnings 105,700 Total Liability and Common Stock 289,860 Income statement Revenue 82,300 Utility expenses 18,860 Salaries expenses 22,660 Interest expenses 1,880 Depreciation expenses 1,650 Telephone expenses 980 46,030 Net Income 36,270 Retained earnings Opening 69,430 Add Net income 36,270 Total 105,700
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