71Bank loanCash at BankCapitalDrawings PInventory23J.Choo is a sole trader in the designer shoe business. The following trial balancewas extracted from his books at the financial year end 30 November 2019:Sales revenueSales returnsCost of salesFreight chargesCommission IncomeRentMotor vehicleAccumulated depreciation on Motor VehiclesSalaryUtilitiesGeneral expenseTrade receivablesTrade payablesAllowance for impairment loss of Trade ReceivablesAdditional information(a)(b)REQUIREDDr ($)11025 680590(en) honu 24 000(aon) aprite b 40 00010 3002 7505 0002.700(or 5 030Cr ($)54 7003 00012 700eldellavs el noitermoint forcohibba 131 8601 96011 1004 00010020 000Owner had taken a pair of shoe worth $800, as a gift to his wife.One quarter of loan is due on 31 December 2019.40 000131 860A missing sales invoice worth $1 000 was discovered. No entries hadbeen made.Prepare the statement of financial performance for the year ended 30November 2019.Prepare the statement of financial position as at 30 November 2019.OOL

Working note: Owner taken a pair of $800 it's increase drawing and decrease inventory. Loan of…

7 1 2 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: 3 Sales revenue Sales returns Cost of sales Freight charges Commission Income Capital Drawings Ber Inventory Rent Motor vehicle Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank Additional information (a) Dr ($) Cr ($) 54 700 REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 131 860 1 960 11 100 4 000 100 20 000 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. OOL

7 1 2 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: 3 Sales revenue Sales returns Cost of sales Freight charges Commission Income Capital Drawings Ber Inventory Rent Motor vehicle Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank Additional information (a) Dr ($) Cr ($) 54 700 REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 131 860 1 960 11 100 4 000 100 20 000 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. OOL

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 86APSA: Accounting for Notes Receivable Yarnell Electronics sells computer systems to small businesses....

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