History Traders is a retail store based in Australia. The business has provided the following information...

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History Traders is a retail store based in Australia. The business has provided the following information for the year ending December 31, 2018: Balance b/d Cash sales Receipts from debtors Motor vehicle Bank 40,000 Payments to suppliers 170,000 Cash purchases 492,020 32,500 458,560 Rent 57,500 220,000 300,000 Fixtures 2,500 Rates 73,000 Wages 53,960 General office expenses Loan Drawings Bank interest 8,500 Commission Balance c/d 66,000 11,500 78,000 1,098,020 132,000 1,098,020 List of balances: Details Jan 1 Dec 31 Creditors 83,200 91,030 Debtors 94,500 82,400 Stock 75,500 95,600 Loan 194,000 116,000 Building 340,000 720,000 340,000 Motor vehicle Fixtures 400,000 210,000 Rates prepaid Commission owing Wages owing 4,600 7,600 21,500 14,500 25,000 22.000 Additional notes: • Stock taken for personal use amounted to $9,500 • Amounts written off as bad debts total $8,500 • Discounts given to credit customers amounted to $3,400 • The motor vehicle sale was at net book value REQUIRED: Using the information provided, derive the trial balance, statement of profit or loss, and statement of financial position for History Traders for the period. Your submission should include all workings, such as the statement of affairs and control accounts. History Traders is a retail store based in Australia. The business has provided the following information for the year ending December 31, 2018: Balance b/d Cash sales Receipts from debtors Motor vehicle Bank 40,000 Payments to suppliers 170,000 Cash purchases 492,020 32,500 458,560 Rent 57,500 220,000 300,000 Fixtures 2,500 Rates 73,000 Wages 53,960 General office expenses Loan Drawings Bank interest 8,500 Commission Balance c/d 66,000 11,500 78,000 1,098,020 132,000 1,098,020 List of balances: Details Jan 1 Dec 31 Creditors 83,200 91,030 Debtors 94,500 82,400 Stock 75,500 95,600 Loan 194,000 116,000 Building 340,000 720,000 340,000 Motor vehicle Fixtures 400,000 210,000 Rates prepaid Commission owing Wages owing 4,600 7,600 21,500 14,500 25,000 22.000 Additional notes: • Stock taken for personal use amounted to $9,500 • Amounts written off as bad debts total $8,500 • Discounts given to credit customers amounted to $3,400 • The motor vehicle sale was at net book value REQUIRED: Using the information provided, derive the trial balance, statement of profit or loss, and statement of financial position for History Traders for the period. Your submission should include all workings, such as the statement of affairs and control accounts.

Answer rating: 100% (QA)

ial Balance 1st January 31st December Debit Credit Debit Credit Bank Balalnce 40000 53960 Creditors 83200 91030 debtor 94500 82400 Stock 75500 95600 L... View the full answer