The trial balance and additional information given below was obtained from the records of Vancouver Traders...

 

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The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020 Balancesheet accounts section Debit Credit Capital 1 300 00O Drawings 96 000 Land and Buildings Vehicles at Cost Equipment at Cost Accumulated Depreciation on Vehicles Accumulated Depreciation on Equipment Fixed deposit: Fin Bank (9% p.a.) Tradinginventory 912 000 672 000 480 000 384 000 |168 800 144 000 123 000 Debtors control 142 420 Provision for Bad Debts 7 200 Bank 59 944 Cash Float 7 200 Creditors Control 133 344 Mortgage Loan Fin Bank (12%) 240 00O Nominal Accounts Section Sales 1 510 320 Cost of sales 432 000 9 600 Sales returns Salaries and wages Bad debts 427 200 13 400 Stationery 21 800 57 100 96 000 Rates and Taxes Motor expenses Repairs to building Telephone Electricity and water Bank charges 17 200 32 400 48 500 6 000 Insurance 62 300 Interest on mortgage loan 19 200 Intereston Fixed Deposit 10 800 Rent Incorme 124 800 3 879 264 3 879 264 The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year. REQUIRED Use the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 PRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020 Balancesheet accounts section Debit Credit Capital 1 300 00O Drawings 96 000 Land and Buildings Vehicles at Cost Equipment at Cost Accumulated Depreciation on Vehicles Accumulated Depreciation on Equipment Fixed deposit: Fin Bank (9% p.a.) Tradinginventory 912 000 672 000 480 000 384 000 |168 800 144 000 123 000 Debtors control 142 420 Provision for Bad Debts 7 200 Bank 59 944 Cash Float 7 200 Creditors Control 133 344 Mortgage Loan Fin Bank (12%) 240 00O Nominal Accounts Section Sales 1 510 320 Cost of sales 432 000 9 600 Sales returns Salaries and wages Bad debts 427 200 13 400 Stationery 21 800 57 100 96 000 Rates and Taxes Motor expenses Repairs to building Telephone Electricity and water Bank charges 17 200 32 400 48 500 6 000 Insurance 62 300 Interest on mortgage loan 19 200 Intereston Fixed Deposit 10 800 Rent Incorme 124 800 3 879 264 3 879 264

Answer rating: 100% (QA)

Vancouver Trading Income Statement For year ended February 282020 Sales 1510320 ... View the full answer