First Med Ltd. has extracted the following trial balance from his books for the year ended...

 

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First Med Ltd. has extracted the following trial balance from his books for the year ended 30 June 2021: Dr Cr Capital 240,000 458,038 Premises 75,000. Equipment 328,931 Sales 194,360 Purchases Inventory (1 July 126.377 2020) Interest income 1.680 Rates 48.000 Wages 32,112 Electricity 29.416 Drawings 1,250 Premises - Proision for depreciation (1 July 2020) 14,000 Equipment Provision for depreciation (1 July 2020 8.410 Bank Loan ( due in 2028) 2.981 Sundry expenses 13.000 Trade receivables 241600 Trade payables 187420 Cash 345 1001460 1001460 Additional information: (1) Inventory on 30 June 2021 was $149,605. (2) The following depreciation rates are used: Premises 2% on cost Equipment 20% reducing balance (3) Interest income includes a receipt of $400 relating to the period 1 June 2021 to 30 September 2021. (4) The rates figure includes a payment of $12.600 relating to the period I May 2021 to 31 July 2021. Required. (a) Prepare an Income Statement for the year ended 30 June 2021. (b) Prepare a Balance Sheet at 30 June 2021. First Med Ltd. has extracted the following trial balance from his books for the year ended 30 June 2021: Dr Cr Capital 240,000 458,038 Premises 75,000. Equipment 328,931 Sales 194,360 Purchases Inventory (1 July 126.377 2020) Interest income 1.680 Rates 48.000 Wages 32,112 Electricity 29.416 Drawings 1,250 Premises - Proision for depreciation (1 July 2020) 14,000 Equipment Provision for depreciation (1 July 2020 8.410 Bank Loan ( due in 2028) 2.981 Sundry expenses 13.000 Trade receivables 241600 Trade payables 187420 Cash 345 1001460 1001460 Additional information: (1) Inventory on 30 June 2021 was $149,605. (2) The following depreciation rates are used: Premises 2% on cost Equipment 20% reducing balance (3) Interest income includes a receipt of $400 relating to the period 1 June 2021 to 30 September 2021. (4) The rates figure includes a payment of $12.600 relating to the period I May 2021 to 31 July 2021. Required. (a) Prepare an Income Statement for the year ended 30 June 2021. (b) Prepare a Balance Sheet at 30 June 2021.

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Seleution frst Med lid has extracted the fallowing trad ... View the full answer