Question 3 (10 marks) - This question has two parts (5+5=10 marks) Charles Lorenzo is the...

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Question 3 (10 marks) - This question has two parts (5+5=10 marks) Charles Lorenzo is the owner of a party shop in Vermont. For the financial year ended 30th June 20XX, Charles provided the following figures:- Cash at bank Capital - CL Delivery Vehicle Stocks Drawings Electricity expenses Furniture & Fittings Office Equipment Cost of Goods Sold Rent expense Sales Revenue Loan from BNZ A/C Payable Wages Expense Interest Expenses Insurance Expenses Motor Vehicle expenses TOTAL LA Debit 10 400 15 000 5 000 1 400 3 720 5 000 10 000 23 000 6 000 17 000 120 $0 Credit 36 420 50 000 5 600 5 400 380 400 97 420 97 420 He has sought your assistance to prepare the :- a. Income Statement (5 marks) and b. the Balance Sheet (5 marks) for 'The Dollar Deal Party Shop Pty Ltd' for the period ended 30th June 20XX. Question 3 (10 marks) - This question has two parts (5+5=10 marks) Charles Lorenzo is the owner of a party shop in Vermont. For the financial year ended 30th June 20XX, Charles provided the following figures:- Cash at bank Capital - CL Delivery Vehicle Stocks Drawings Electricity expenses Furniture & Fittings Office Equipment Cost of Goods Sold Rent expense Sales Revenue Loan from BNZ A/C Payable Wages Expense Interest Expenses Insurance Expenses Motor Vehicle expenses TOTAL LA Debit 10 400 15 000 5 000 1 400 3 720 5 000 10 000 23 000 6 000 17 000 120 $0 Credit 36 420 50 000 5 600 5 400 380 400 97 420 97 420 He has sought your assistance to prepare the :- a. Income Statement (5 marks) and b. the Balance Sheet (5 marks) for 'The Dollar Deal Party Shop Pty Ltd' for the period ended 30th June 20XX.

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Answer a Income Statement Income Statement Sales Revenue 50000 Cost of Goods Sold 23000 Gros... View the full answer