Trade receivables (N2) (N3) Trade payables Sales View Purchases Return inwards Return outwards Capital Loan from...
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Trade receivables (N2) (N3) Trade payables Sales View Purchases Return inwards Return outwards Capital Loan from Britney Commission received Rent (1/2021-11/2021) (N6) Electricity and water (1/21-5/21) (N5) Motor expenses Insurance (11/2021 - 10/2022) (N6) Drawings Office equipment (N1) Wages Lorry (N1) Cash Rank Tuck ABCHASE C inal Balance As At 31 Decemoer ZUZI 2.9 Debit $ 12,724 10,681 383 Credit $ 11,500 600 1,010 1,200 200 700 420 30,000 11,447 R4 456 7,693 21,317 V V 188 85,000 V 50,000 4 1,120 $ V V V Sales Purchases Return inwards Return outwards Capital Loan from Britney Commission received Page Layout Rent (1/2021-11/2021) (N6) Electricity and water (1/21-5/21) (NS) Motor expenses Insurance (11/2021-10/2022) (N6) Drawings Office equipment (N1) Wages Lorry (N1) Cash Bank Discount allowed Discount received Review 15 2-0- Tirols Abccbd AnbCcDbcod Axx 10,681 383 11,500 600 1,010 1,200 200 700 420 30,000 11,447 84,456 53 165,374 21,317 188 85,000 50,000 1,120 56 165,374 V V Based on additional information as below, Additional information: No 1 2 3 4 6 All assets are depreciated at 10% using straight line method. The debt of Tony, $120 was written off as bad debts. Haidi is decided to make an allowance for doubtful debts 2%. The closing inventories as at 31 December 2021 is $3,000. Electricity and water accrued from June 2021 to December 2021 is $720. Rent and insurance have to charge for year 2021 only. d) Prepare Income statement for the year ended 31 December 2021 in column based. e) Prepare Statement of financial position as at 31 December 2021 in column based. Note: No decimal place is required. Trade receivables (N2) (N3) Trade payables Sales View Purchases Return inwards Return outwards Capital Loan from Britney Commission received Rent (1/2021-11/2021) (N6) Electricity and water (1/21-5/21) (N5) Motor expenses Insurance (11/2021 - 10/2022) (N6) Drawings Office equipment (N1) Wages Lorry (N1) Cash Rank Tuck ABCHASE C inal Balance As At 31 Decemoer ZUZI 2.9 Debit $ 12,724 10,681 383 Credit $ 11,500 600 1,010 1,200 200 700 420 30,000 11,447 R4 456 7,693 21,317 V V 188 85,000 V 50,000 4 1,120 $ V V V Sales Purchases Return inwards Return outwards Capital Loan from Britney Commission received Page Layout Rent (1/2021-11/2021) (N6) Electricity and water (1/21-5/21) (NS) Motor expenses Insurance (11/2021-10/2022) (N6) Drawings Office equipment (N1) Wages Lorry (N1) Cash Bank Discount allowed Discount received Review 15 2-0- Tirols Abccbd AnbCcDbcod Axx 10,681 383 11,500 600 1,010 1,200 200 700 420 30,000 11,447 84,456 53 165,374 21,317 188 85,000 50,000 1,120 56 165,374 V V Based on additional information as below, Additional information: No 1 2 3 4 6 All assets are depreciated at 10% using straight line method. The debt of Tony, $120 was written off as bad debts. Haidi is decided to make an allowance for doubtful debts 2%. The closing inventories as at 31 December 2021 is $3,000. Electricity and water accrued from June 2021 to December 2021 is $720. Rent and insurance have to charge for year 2021 only. d) Prepare Income statement for the year ended 31 December 2021 in column based. e) Prepare Statement of financial position as at 31 December 2021 in column based. Note: No decimal place is required.
Expert Answer:
Answer rating: 100% (QA)
Income Statement for the Year Ended 31 December 2021 Sales and Returns Sales 21317 Returns Inwards 383 Net Sales 21317 383 20934 Cost of Goods Sold Op... View the full answer
Related Book For
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas
Posted Date:
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