Prepare Trina Haldane's Statement of Profit or Loss for the period ended 31 December 2014

Trina Haldane's unadjusted Trial Balance as at 31 December 2014
Particulars	Dr	Cr
Capital		200,000
Drawings	12,000
Bank balance	5,500
Cash in hand	7,000
Accounts receivables	40,000
Accounts payable		55,000
Inventory: Opening	18,000
Premises	150,000
Motor Vehicle	90,000
Fixtures and Fittings	65,000
Sales		255,600
Purchases	130,000
Returns inwards	7,500
Carriage outwards	4,500
Carriage inwards	6,500

Returns outwards		11,500
Motor expenses	10,400
Rent Received		20,000
Telephone charges	12,000
Wages and salaries	34,000
Insurance	10,600
Commission Received		14,800
Bad Debt	2,500
Provision for depreciation: Motor Vehicle		20,000
Provision for depreciation: Fixtures and Fittings		25,000
Provision for doubtful debt		3,600
Total	605,500	605,500

Additional information

Closing Inventory $25,000

Wages and Salaries prepaid $2,500

Commission Received owing $2,000

Trina Haldane took $6,000 worth of goods for her personal use.

Trina Haldane's insurance premium incurred is $1,000 per month commencing 1^st March 2014.

Provision for doubtful debt is to be adjusted to 5% of Accounts Receivable

Depreciation is to be charged on Fixtures and Fittings at 10% using the Reducing Balance Method and on Motor Vehicle at 10% using the Straight Line Method

Answer rating: 100% (QA)

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