A The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.
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A The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.
The following additional information as at 31 May 2012 is available:
(a) Rent is accrued by £210.
(b) Rates have been prepaid by £880.
(c) £2,211 of carriage represents carriage inwards on purchases.
(d) Equipment is to be depreciated at 15% per annum using the straight line method.
(e) The allowance for doubtful debts to be increased by £40.
(f) Inventory at the close of business has been valued at £13,551. Required: Prepare an income statement for the year ending 31 May 2012 and a statement of financial position as at that date.
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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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