TRIAL BALANCE OF SIPHO SUPPLIERS AS AT 28 FEBRUARY 2016 Debit Credit Capital 295 189 Land and
Question:
TRIAL BALANCE OF SIPHO SUPPLIERS AS AT 28 FEBRUARY 2016 | ||
Debit | Credit | |
Capital | 295 189 | |
Land and buildings | 250 000 | |
Accounts receivable | 58 200 | |
Accounts payable | 49 200 | |
Bank overdraft | 17 500 | |
Vehicles | 145 000 | |
Furniture at cost | 100 000 | |
Purchases | 71 900 | |
Railage on purchases | 7 150 | |
Railage on sales | 2 750 | |
Inventory (1/03/2015) | 37 000 | |
Sales returns | 4 950 | |
Purchase returns | 6 000 | |
Discount received | 3 600 | |
Rent received | 12 000 | |
Telephone | 6 820 | |
Sales | 365 000 | |
Wages | 40 000 | |
Insurance | 3 500 | |
Advertising | 4 050 | |
Drawings | 13 000 | |
Petty cash | 4 169 | |
R748 489 | R748 489 | |
Inventory as at 28 February 2016 was valued at R28 500.
REQUIRED
a. Prepare the Statement of Comprehensive Income for the year ended 28 February 2016.(22 marks)
b. Prepare the statement of Financial Position as at 28 February 2016(14 marks)
c. Prepare the Statement of changes in Equity(4 marks)
Expert Answer:
Statement of comprehensive Income For the Year ended 28 february 2016 Sale Less Return inward Net Sa... View the full answer
