Question 5

Financial statement

FINANCIAL STATEMENTS (20) QUESTION 5 The trial balance, adjustments and additional information given below were extracted from the accounting records of Concha Traders on 28 February 2017, the end of the financial year. REQUIRED Prepare the Statement of Financial Position of Concha Traders as at 28 February 2017. The notes to the financial statements are not required. Where applicable, show calculations in brackets INFORMATION CONCHA TRADERS PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2017 Debit ( Credit (a Balance sheet accounts section Capital 162 000 Drawings Vehicles at cost 180 000 120 000 Equipment at cost Accumulated depreciation on vehicles 90 000 38 000 Accumulated depreciation on equipment Trading inventory 70 000 32 000 Debtors control Provision for bad debts 4 000 Bank 22 000 2 000 Cash float Creditors control 40 000 80 000 Mortgage loan: Aries Bank (16% pa) Nominal accounts section Sales 485 000 Cost of sales 240 000 3000 84 000 5 000 2 000 28 000 15 000 Sales returns Salaries and wages Bad debts Consumable stores Rent expense Motor expenses Bad debts recovered Telephone Electricity and water Bank charges nsurance 2 000 7 000 11 000 3 000 4 000 6 000 terest on mortgage loan 5 000 906 000 ommission income 906 000 78