QUESTION ONE The following trial balance was extracted from the books of Mkulima on 30 April...

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QUESTION ONE The following trial balance was extracted from the books of Mkulima on 30 April 2017. All amounts are TRIAL BALANCE Debit Details Sales Purchases Stock 1 May 2016 Carriage outwards Credit 18,614,000 11,570,000 3,776,000 326,000 Carriage Inwards 234,000 Return Inwards 440,000 355,000 Return outwards Salaries and wages 2,447,000 Motor expenses 664,000 Rent 576,000 Sundry expenses 1,202,000 Motor vehicles 3,400,000 Fixture and fittings 600,000 Debtors 4,577,000 Creditors 3,045,000 Cash at bank 3,876,000 Cash in hand 120,000 Drawings 2,050,000 Capital 13,844,000 35,858,000 35,858,000 Additional Information: Closing stock amounted to TZS 4,000,000. Depreciation is to be charged at rates of 10% on cost for Fixtures and Fittings and 25% on cost for Motor Vehicles. Bad debts of TZS 800,000 are to be written-off. REQUIRED: 0 Prepare his Income statement for the year ending 30 April 2017 (ii) Statement of financial position as at that date QUESTION ONE The following trial balance was extracted from the books of Mkulima on 30 April 2017. All amounts are TRIAL BALANCE Debit Details Sales Purchases Stock 1 May 2016 Carriage outwards Credit 18,614,000 11,570,000 3,776,000 326,000 Carriage Inwards 234,000 Return Inwards 440,000 355,000 Return outwards Salaries and wages 2,447,000 Motor expenses 664,000 Rent 576,000 Sundry expenses 1,202,000 Motor vehicles 3,400,000 Fixture and fittings 600,000 Debtors 4,577,000 Creditors 3,045,000 Cash at bank 3,876,000 Cash in hand 120,000 Drawings 2,050,000 Capital 13,844,000 35,858,000 35,858,000 Additional Information: Closing stock amounted to TZS 4,000,000. Depreciation is to be charged at rates of 10% on cost for Fixtures and Fittings and 25% on cost for Motor Vehicles. Bad debts of TZS 800,000 are to be written-off. REQUIRED: 0 Prepare his Income statement for the year ending 30 April 2017 (ii) Statement of financial position as at that date