Luc owns a wholesale furniture store. His financial year ends on 30 June. He provided the following trial balance on 30 June 20–1:

Additional information:

1. At 30 June 20–1:

Inventory was valued at $6,840
Rent receivable prepaid amounted to $60
Insurance prepaid amounted to $104
Rates accrued amounted to $120

A whole year’s interest on the loan is outstanding.

2. During the year ended 30 June 20–1 Luc took goods, $930, for his own use. This was not entered in the accounting records.

Prepare an income statement for the year ended 30 June 20–1 and a statement of financial position on 30 June 20–1.

Transcribed Image Text:

24 Revenue 112650 Purchases 86270 Purchases returns 410 Inventory 1 Jul 20-0 7010 Premises 80 000 Fixtures and fittings 19700 Trade payables 7136 Trade receivables 9175 Bank 867 Rent receivable 840 Discount received 170 Insurance 728 Rates 600 Wages 25600 Office expenses 256 Capital 101000 Drawings 2000 3% 10 year loan from AB Finance 10000 232 206 232 206 %24