4:56 PM . PD ) . B/S LTE 83.0 Vo 4G 4.5G 77 TRIAL QUESTIONS.pdf . . . . . . PRACTICE QUESTIONS Question 1 The following Trial Balance was extracted from the books of Amadi Enterprise, a second -hand bags dealer as at 31" December, 2020 DR CR GHe GHe Inventory 180,000 Vehicle (Cost) 225,000 Trade Receivables 120,000 Accumulated Depreciation: Vehicle 45,000 Furniture & Fittings 15,180 Trade Payables 150,000 Drawings 180,000 General Expenses 97,500 Allowance for receivables 3,750 Rate & Rent 42,000 Insurance 7,500 Bad Debt 10,500 Discount Received 37,725 Discount Allowed 22,740 Bank & Cash 247,860 Wages & Salaries 375,000 Sundry Expenses 9,225 Vehicle Running Expenses 23,475 Furniture & Fittings 75,900 Repairs to the shop 9,750 Returns 5,180 18,695 Purchases 970,000 Sales 1,600,000 Capital 731.280 2.601.630 2,601.630 W The following additional information are provided: i. Allowance for receivables should be adjusted to 5% of trade receivables. ii. Rate and Rent has been paid in advance by two (2) months. Note that Amadi Enterprise paysGH#2,000 each month. iii. Inventory as at 31" December, 2020 GHe80, 150. iv. A bill of GHe6,150 for vehicle running was outstanding as at 31s December, 2020. V. The Enterprise provide depreciation as following. . Vehicles 20% per annum on straight line bases. . Furniture and Fittings 20% per annum on reducing balance basis. You are required to: i. Prepare Income statement for the year ending 31ST December 2020. ii. Prepare Statement of Financial Position as at 3 1St December 2020. Q Catalogue Annotate Rotate Search Share