The following balances have been extracted from books of account of MEGAWISE ENTERPRISE. MEGAWISE ENTERPRISE TRIAL BALANCE
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The following balances have been extracted from books of account of MEGAWISE ENTERPRISE.
MEGAWISE ENTERPRISE TRIAL BALANCE
AS AT ST DECEMBER
Debit Kshs Credit Kshs Bank balance
Capital
Cash
Discounts allowed
Discount received
Drawings
Fixture & fittings cost
Provision for depreciation on
Fixtures
Light and heat
Provision for doubtful debts
Purchases
Rents and rates
Sales
Stock
Trade creditors
Trade debtors
Wages
Additional Information
The following matters are considered before preparation of the final accounts.
i The stock take on st December valued the shops stock at Kshs at cost
ii At st December rent and rates were prepaid by Kshs and there was an outstanding bill of Kshs for wages
iii. The fixtures and fittings are to be depreciated by Kshs
iv The provision for doubtful debts is to be of the debtors at the yearend
Required:
a Prepare an Income statement for the period ended December
b Prepare the statement of financial position as ta December Marks
Related Book For
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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