Question: i need some urgent help please Question 1 Peter Pan does not maintain a full set of accounting records, but needs to determine his profit

i need some urgent help please i need some urgent help please Question 1 Peter Pan does not

Question 1 Peter Pan does not maintain a full set of accounting records, but needs to determine his profit at the end of his financial year June 30, 2020. The following is a summary of his bank account: Balance b/d Sales Balance c/d Bank Account 10 280 Payments to Suppliers 487 440 Rent & Rates 2 360 General Expenses Insurance Drawings 500 080 365 720 25 420 30 040 3 900 75 000 500 080 Peter Pan confirmed that an amount of $42 360 was taken from the shop register and used to pay wages of $25 600. The remainder was taken by Peter as drawings. He is also able to provide the following details: June 30 2019 June 30 2020 S s Accounts Receivable 44 000 53 000 Inventory 48 600 63 000 Rent Prepaid 5840 6.900 Furniture (Cost $200 000) 180 000 ? Accounts Payable 38 900 34 180 Motor Vehicles (Cost $250 000) 225 00 ? General Expenses Owing 1 620 2 380 Peter has informed you that he had adopted a policy to depreciate his equipment at 10% on the straight line basis, and the motor vehicles at 10% on the reducing balance method. During the year ended June 30, 2020 Discounts received from credit suppliers amounted to $3000. Credit customers returned goods totaling S4 000. The insurance premium was for the twelve months ending September 30, 2020 $1 200 was set off against Accounts Payable for a customer who bought goods from the firm and also sold goods to the firm. . . Required: Prepare the set of final accounts for the year ending June 30, 2020. All working must be clearly shown (59 marks)

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