The following is the list of balances extracted from the books of Simon, a paint merchant at
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Question:
The following is the list of balances extracted from the books of Simon, a paint merchant at 30 September 2017:
The following additional information is given:
• Stock at 30 September 2017 RM17,750
• Expenses prepaid: Insurance RM1,120; rates RM5,435
• Heating and lighting accrued RM1,360
• The provision for bad and doubtful debts to be adjusted to 3% of debtors.
You are required to prepare the following:
(a) Income Statement for the year ended 30 September 2017.
b) Balance Sheet as at 30 September 2017.
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