Prepare the Statement of Comprehensive Income and the statement of financial position for the year ended 31 December 2022.

 

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The Trial balance for a Rahman Trading as at 31 December 2022 is as follows: (111) Accounts (iv) (v) Sales Purchases Cash in Hand Cash in Bank Capital on 1 Jan 2012 Drawing Office furniture & fixtures Rent Wages Discount allowed Accounts receivables Accounts payables Inventory on 1 Jan 2012 Motor vehicles At 31st Dec 2022 the following transactions were: (i) (ii) Accumulated depreciation - motor vehicles Provision for doubtful debts on 1 Jan 2012 Bad debts Inventory on 31 Dec 2022 was valued at $ 1,500. Rent prepaid is $ 200. Wages accrued are $ 600. Provision for doubtful debts is 10%. Debit $ 10,000 1,000 3,000 2,500 4,500 1,400 3,600 300 4,200 1,300 25,000 400 57,200 Credit $ 20,000 31,600 2,800 2,500 300 57,200 Depreciation on furniture and fixtures is 10% on cost and on motor vehicles is 20%, using the reducing balance method. The Trial balance for a Rahman Trading as at 31 December 2022 is as follows: (111) Accounts (iv) (v) Sales Purchases Cash in Hand Cash in Bank Capital on 1 Jan 2012 Drawing Office furniture & fixtures Rent Wages Discount allowed Accounts receivables Accounts payables Inventory on 1 Jan 2012 Motor vehicles At 31st Dec 2022 the following transactions were: (i) (ii) Accumulated depreciation - motor vehicles Provision for doubtful debts on 1 Jan 2012 Bad debts Inventory on 31 Dec 2022 was valued at $ 1,500. Rent prepaid is $ 200. Wages accrued are $ 600. Provision for doubtful debts is 10%. Debit $ 10,000 1,000 3,000 2,500 4,500 1,400 3,600 300 4,200 1,300 25,000 400 57,200 Credit $ 20,000 31,600 2,800 2,500 300 57,200 Depreciation on furniture and fixtures is 10% on cost and on motor vehicles is 20%, using the reducing balance method.

Answer rating: 100% (QA)

To prepare the statement of comprehensive income and the statement of financial position we will first need to make the necessary adjustments to the trial balance as per the additional information pro... View the full answer