Blazing Trial Balance for the period is as follows: Capital Telephone expense Drawings Bank loan Land...

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Blazing Trial Balance for the period is as follows: Capital Telephone expense Drawings Bank loan Land Property@cost Fixtures and fittings @ cost Vehicles @ cost Property: Allowance for depreciation 1 Jan 2021 Fixtures and fittings: Allowance for depreciation 1 Jan 2021 Vehicles: Allowance for depreciation 1 Jan 2021 Inventory at 1 Jan 2021 Purchases Sales Returns Outwards Returns Inwards Carriage inwards Carriage outwards Wages and salaries Vehicle expenses General costs Loan interest Receivables Payables Cash Bank Rent Additional information relating to the year ended 31 December 2021: I. Inventory at 31 December 2021 was valued at $90,000 II. III. IV. V Wages and salaries of $8,800 need to be accrued General costs of $5,400 were prepaid S 598,120 8,500 30,000 200,000 896,240 550,000 145,000 250,000 125,000 88,750 148,000 $8,000 1,000,000 1,965,520 15,640 6,360 8,850 8,500 47,240 18,800 38,120 4,500 85,000 147,200 60,000 18,120 25,000 Rent accrued $6,000 Depreciation is to be provided as follows: Property 10% on cost, Fixtures and fittings 5% on the reducing balance, Vehicles 20 % on cost Required: a) Prepare the Trial Balance and workings for the adjustment (15 marks) b) Prepare a Statement of Comprehensive Income of Blazing at 31 December 2021. (17 marks) c) Prepare The Statement of Financial Position of Blazing at 31 December 2021. (18 marks) (Total 50 marks) Blazing Trial Balance for the period is as follows: Capital Telephone expense Drawings Bank loan Land Property@cost Fixtures and fittings @ cost Vehicles @ cost Property: Allowance for depreciation 1 Jan 2021 Fixtures and fittings: Allowance for depreciation 1 Jan 2021 Vehicles: Allowance for depreciation 1 Jan 2021 Inventory at 1 Jan 2021 Purchases Sales Returns Outwards Returns Inwards Carriage inwards Carriage outwards Wages and salaries Vehicle expenses General costs Loan interest Receivables Payables Cash Bank Rent Additional information relating to the year ended 31 December 2021: I. Inventory at 31 December 2021 was valued at $90,000 II. III. IV. V Wages and salaries of $8,800 need to be accrued General costs of $5,400 were prepaid S 598,120 8,500 30,000 200,000 896,240 550,000 145,000 250,000 125,000 88,750 148,000 $8,000 1,000,000 1,965,520 15,640 6,360 8,850 8,500 47,240 18,800 38,120 4,500 85,000 147,200 60,000 18,120 25,000 Rent accrued $6,000 Depreciation is to be provided as follows: Property 10% on cost, Fixtures and fittings 5% on the reducing balance, Vehicles 20 % on cost Required: a) Prepare the Trial Balance and workings for the adjustment (15 marks) b) Prepare a Statement of Comprehensive Income of Blazing at 31 December 2021. (17 marks) c) Prepare The Statement of Financial Position of Blazing at 31 December 2021. (18 marks) (Total 50 marks)

Answer rating: 100% (QA)

1 Adjusted Trial Balance 2 Adjus... View the full answer