Susan has been trading fashionable sport accessories for some years. The following list of balances has...

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Susan has been trading fashionable sport accessories for some years. The following list of balances has been extracted from the ledger of Susan Sport Accessories Limited as at December 31, 2021. (S) Advertising Expenses 246,500 Bank Charges And Interest (included bank loan interest) Cash On Hand 36,500 1,550 Creditors 288,200 Debtors 121,600 Electricity Charged And Paid Fixtures & Fittings At Cost 57,000 108,000 Accumulated Depreciation - Fixtures & Fitting At January 1, 2021 32,400 Office Equipment At Cost 85,000 Accumulated Depreciation - Office Equipment At January 1, 2021 Postages And Stationery 12,750 12,800 Purchases 1,684,500 Rent, Rates And Insurance 69,600 12,800 Retained Earnings At January 1, 2021 Salaries And Wages 375,600 Sales 2,000,000 Share Capital 400,000 Stock At January 1, 2021 47,500 5 Years Bank Loan (Interest Rate Of 15% Per Annum) 100,000 Entrepreneurial And Financial Strategies In Sport And Recreation - Assignment 1 (2022) 1| Page The following additional information as at December 31, 2021 includes: Stock of sport accessories at December 31, 2021 was valued at S435,000. 1. 2. Rates was paid in December 2021 in advance for January to March 2022 - $9,800. 3. A customer has failed to make payment of $23,300 for a long time. It deemed as bad debts as at December 31, 2021. 4. An electricity bill of $8,400 for November and December 2021 was received. This bill has not yet been settled until February 2022. 5. Depreciation of fixture & fittings: 20% per annum on straight line basis. 6. Depreciation of office equipment: 10% per annum on straight line basis. Required: (a) Prepare a Profit and Loss Account for the year ended December 31, 2021 and a Balance Sheet as at that date. (30 marks) (b) Give comments on the above information given. (20 marks) Susan has been trading fashionable sport accessories for some years. The following list of balances has been extracted from the ledger of Susan Sport Accessories Limited as at December 31, 2021. (S) Advertising Expenses 246,500 Bank Charges And Interest (included bank loan interest) Cash On Hand 36,500 1,550 Creditors 288,200 Debtors 121,600 Electricity Charged And Paid Fixtures & Fittings At Cost 57,000 108,000 Accumulated Depreciation - Fixtures & Fitting At January 1, 2021 32,400 Office Equipment At Cost 85,000 Accumulated Depreciation - Office Equipment At January 1, 2021 Postages And Stationery 12,750 12,800 Purchases 1,684,500 Rent, Rates And Insurance 69,600 12,800 Retained Earnings At January 1, 2021 Salaries And Wages 375,600 Sales 2,000,000 Share Capital 400,000 Stock At January 1, 2021 47,500 5 Years Bank Loan (Interest Rate Of 15% Per Annum) 100,000 Entrepreneurial And Financial Strategies In Sport And Recreation - Assignment 1 (2022) 1| Page The following additional information as at December 31, 2021 includes: Stock of sport accessories at December 31, 2021 was valued at S435,000. 1. 2. Rates was paid in December 2021 in advance for January to March 2022 - $9,800. 3. A customer has failed to make payment of $23,300 for a long time. It deemed as bad debts as at December 31, 2021. 4. An electricity bill of $8,400 for November and December 2021 was received. This bill has not yet been settled until February 2022. 5. Depreciation of fixture & fittings: 20% per annum on straight line basis. 6. Depreciation of office equipment: 10% per annum on straight line basis. Required: (a) Prepare a Profit and Loss Account for the year ended December 31, 2021 and a Balance Sheet as at that date. (30 marks) (b) Give comments on the above information given. (20 marks)

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a Statement of profit Loss account as on 31st December 2021 PArticulars Amount Revenue sales 2000000 ... View the full answer