17.1 Mr Yousef The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader. TRIAL BALANCE AS AT 31 MAY 20x6 Dr $ Cr $ Sales 138,078 Purchases 82,350 5,144 7,800 6,622 3,001 1,330 26,420 877 Carriage Drawings Rent and insurance Postage and stationery Advertising Salaries and wages Irrecoverable debts Allowance for receivables 130 Receivables 12,120 Payables Cash on hand 6,471 177 1,002 11,927 58,000 Cash at bank Inventory as at 1 June 20X5 Equipment at cost Accumulated depreciation Capital 19,000 53,091 216,770 216,770 The following additional information as at 31 May 20X6 is available. Rent is accrued by $210. Insurance has been prepaid by $880. $2,211 of carriage represents carriage inwards on purchases. Equipment is to be depreciated at 15% per annum using the straight-line method. The allowance for receivables is to be increased by $40. Inventory at the close of business has been valued at $13 551 123456

17.1 Mr Yousef The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader. TRIAL BALANCE AS AT 31 MAY 20x6 Dr $ Cr $ Sales 138,078 Purchases 82,350 5,144 7,800 6,622 3,001 1,330 26,420 877 Carriage Drawings Rent and insurance Postage and stationery Advertising Salaries and wages Irrecoverable debts Allowance for receivables 130 Receivables 12,120 Payables Cash on hand 6,471 177 1,002 11,927 58,000 Cash at bank Inventory as at 1 June 20X5 Equipment at cost Accumulated depreciation Capital 19,000 53,091 216,770 216,770 The following additional information as at 31 May 20X6 is available. Rent is accrued by $210. Insurance has been prepaid by $880. $2,211 of carriage represents carriage inwards on purchases. Equipment is to be depreciated at 15% per annum using the straight-line method. The allowance for receivables is to be increased by $40. Inventory at the close of business has been valued at $13 551 123456

Name: Prepare a statement of profit or loss for the year ended 31 May 20X6.P
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Description: Prepare a statement of profit or loss for the year ended 31 May 20X6.Prepare a statement of financial position as at that date. 17.1 Mr YousefThe following trial balance has been extracted from the ledger of Mr Yousef, a sole trader.TRIAL BALANCE AS

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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