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4. The following trial balance has been extracted from the ledger of Mr. Robert a sole trader as at 31 May 2018. TRIAL BALANCE DR (Shs.) CR (Shs.) Property at cost Equipment at cost Provision for depreciation on equipment Provision for depreciation on property 900,000 575,000 325,000 125,000 Stock as at 1 June 2017 274,000 Purchases 2,596,000 Sales 4,050,000 Discount allowed 33,700 Discount received Wages and salaries Bad debt Loan interest Carriage outward Other operating expenses Trade debtors 44,200 523,600 17,200 15,600 53,100 388,000 462,000 Trade creditors Provision for bad debts Cash on hand Bank overdraft 336,000 2,800 1,510 145,000 Drawings 13% loan Capital 289,300 120000 981.010 6.129.010 6.129,010 Additional information: a) Stock as at 31 May 2018 was valued at ksh 259, 000 b) Wages and salaries accrued by ksh.1, 400 c) Depreciation for the year ended 31 May 2018 has yet to be provided as follows;- Property 10% using straight line method ,and Equipment 15% using straight line method d) Other operating expenses include certain expenses prepaid by ksh.5, 000. Other expenses included under this heading are accrued by ksh.2, 000. e) The provision for bad debts is to be adjusted so that it is 0.5% of debtors as at 31 May 2018. f) Purchases include goods valued at ksh. 10, 400 which were withdrawn by Mr. Robert for his own personal use. Required: Mr. Robert Income Statement for the year end 31 May 2018 i) Statement of fituamcial povition as at 31 May 2018.

4. The following trial balance has been extracted from the ledger of Mr. Robert a sole trader as at 31 May 2018. TRIAL BALANCE DR (Shs.) CR (Shs.) Property at cost Equipment at cost Provision for depreciation on equipment Provision for depreciation on property 900,000 575,000 325,000 125,000 Stock as at 1 June 2017 274,000 Purchases 2,596,000 Sales 4,050,000 Discount allowed 33,700 Discount received Wages and salaries Bad debt Loan interest Carriage outward Other operating expenses Trade debtors 44,200 523,600 17,200 15,600 53,100 388,000 462,000 Trade creditors Provision for bad debts Cash on hand Bank overdraft 336,000 2,800 1,510 145,000 Drawings 13% loan Capital 289,300 120000 981.010 6.129.010 6.129,010 Additional information: a) Stock as at 31 May 2018 was valued at ksh 259, 000 b) Wages and salaries accrued by ksh.1, 400 c) Depreciation for the year ended 31 May 2018 has yet to be provided as follows;- Property 10% using straight line method ,and Equipment 15% using straight line method d) Other operating expenses include certain expenses prepaid by ksh.5, 000. Other expenses included under this heading are accrued by ksh.2, 000. e) The provision for bad debts is to be adjusted so that it is 0.5% of debtors as at 31 May 2018. f) Purchases include goods valued at ksh. 10, 400 which were withdrawn by Mr. Robert for his own personal use. Required: Mr. Robert Income Statement for the year end 31 May 2018 i) Statement of fituamcial povition as at 31 May 2018.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 2P
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4. The following trial balance has been extracted from the ledger of Mr. Robert a sole trader as at 31 May 2018. TRIAL BALANCE DR (Shs.) CR (Shs.) Property at cost Equipment at cost Provision for depreciation on equipment Provision for depreciation on property 900,000 575,000 325,000 125,000 Stock as at 1 June 2017 274,000 Purchases 2,596,000 Sales 4,050,000 Discount allowed 33,700 Discount received Wages and salaries Bad debt Loan interest Carriage outward Other operating expenses Trade debtors 44,200 523,600 17,200 15,600 53,100 388,000 462,000 Trade creditors Provision for bad debts Cash on hand Bank overdraft 336,000 2,800 1,510 145,000 Drawings 13% loan Capital 289,300 120000 981.010 6.129.010 6.129,010 Additional information: a) Stock as at 31 May 2018 was valued at ksh 259, 000 b) Wages and salaries accrued by ksh.1, 400 c) Depreciation for the year ended 31 May 2018 has yet to be provided as follows;- Property 10% using straight line method ,and Equipment 15% using straight line method d) Other operating expenses include certain expenses prepaid by ksh.5, 000. Other expenses included under this heading are accrued by ksh.2, 000. e) The provision for bad debts is to be adjusted so that it is 0.5% of debtors as at 31 May 2018. f) Purchases include goods valued at ksh. 10, 400 which were withdrawn by Mr. Robert for his own personal use. Required: Mr. Robert Income Statement for the year end 31 May 2018 i) Statement of fituamcial povition as at 31 May 2018.
Transcribed Image Text:4. The following trial balance has been extracted from the ledger of Mr. Robert a sole trader as at 31 May 2018. TRIAL BALANCE DR (Shs.) CR (Shs.) Property at cost Equipment at cost Provision for depreciation on equipment Provision for depreciation on property 900,000 575,000 325,000 125,000 Stock as at 1 June 2017 274,000 Purchases 2,596,000 Sales 4,050,000 Discount allowed 33,700 Discount received Wages and salaries Bad debt Loan interest Carriage outward Other operating expenses Trade debtors 44,200 523,600 17,200 15,600 53,100 388,000 462,000 Trade creditors Provision for bad debts Cash on hand Bank overdraft 336,000 2,800 1,510 145,000 Drawings 13% loan Capital 289,300 120000 981.010 6.129.010 6.129,010 Additional information: a) Stock as at 31 May 2018 was valued at ksh 259, 000 b) Wages and salaries accrued by ksh.1, 400 c) Depreciation for the year ended 31 May 2018 has yet to be provided as follows;- Property 10% using straight line method ,and Equipment 15% using straight line method d) Other operating expenses include certain expenses prepaid by ksh.5, 000. Other expenses included under this heading are accrued by ksh.2, 000. e) The provision for bad debts is to be adjusted so that it is 0.5% of debtors as at 31 May 2018. f) Purchases include goods valued at ksh. 10, 400 which were withdrawn by Mr. Robert for his own personal use. Required: Mr. Robert Income Statement for the year end 31 May 2018 i) Statement of fituamcial povition as at 31 May 2018.
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