The trial balance of Philip Pearson (the owner of Pearsons Phot Copying Services) as at 1 March 2019 lists the assets, liabilities and owners equity

Question

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1. The trial balance of Philip Pearson (the owner of Pearson’s Phot Copying Services) as at 1 March 2019 lists the assets, liabilities and owner’s equity below.

Philip Pearson (Pearson’s Photo Copying Services) Trial Balance as at 1 March 2019
	Balance
Account Name	Debit	Credit
Cash	3,000
Accounts Receivable	6,000
Supplies	3,000
Motor Vehicle	20,000
Land and Buildings	200,000
Accounts Payable		10,500
Long Term Loan		145,000
Peter Smith - Capital		76,500
	232,000	232,000

During March 2019, Philip Pearson or his business completed the following transactions:

March 1	Purchased addition supplies on credit terms, $10,500.
March 2	Collected $2,200 from a client on account and because we received this money on time, we also gave the client a further $60 discount off their account.
March 4	Philip Pearson withdrew $550 cash for his own personal use.
March 6	Paid $5,000 off the Long-Term Loan.
March 9	Collected $1,800 from a client on account.
March 11	Performed copying service for a customer and received $3,200 cash.
March 15	Performed copying service for a customer on credit terms, $6,300.
March 17	Purchased addition supplies and paid cash, $2,500.
March 20	Paid for electricity, $450.
March 24	Paid $4,250 off accounts payable balance and because Peter paid this money on time the company also received a further $70 discount off the amount owing.
March 28	Philip contributed a further $7,000 cash into the business.
March 29	Paid interest on the Long-term loan, $450.

Additional Information

On 31 March 2019 Philip Pearson counted the supplies still on hand and these were valued at $5,200.

Required:

Assume it is the 31 March 2019 and your team have been asked to prepare:

1. A Statement of Financial Performance for the period ending 31 March 2019.
2. A Statement of Financial Position as at 31 March 2019.
3. A Statement of Cash Flows (using the direct method) as at 31 March 2019.