Identify the assets and the liabilities then compile the statement of financial position
ABC Traders
Trial Balance at 31 December 20.1
Dr. Cr.
Purchases/Sales 843,800 1,394,200
Return in and Out 22,200 33,300
Discounts Allowed and Received 4,400 5,500
Debtors and Creditors 66,000 77,000
Drawing and Capital 136,700 410,000
Stock 1 January 20.1 55,500
Carriage on Sales 21,000
Carriage on Purchases 34,500
Wages and Salaries 78,900
Rates and Insurance 12,300
Telephone and Postage 11,100
Electricity and Water 6,500
Furniture and Fittings 48,000
Loose Tools 7,500
Cars and Lorries 145,000
Land and Buildings 500,000
Rent income 28,200
Commission 30,100
Provision for Bad debts 1,700
Provision for
Provision for Depreciation on Cars and Lorries 14,000
2,000,000 2,000,000
Additional information
Adjust provisions for bad debts to 2% of debtors.
Provide 20% depreciation on the book value of cars and lorries, and 15% on the cost of furniture and fittings. Revalue loose tools at Shs.5, 800.
Accrued salaries Shs.4, 100, Telephone Shs.1, 250 and Rates Shs.850.
Prepaid insurance, Shs.1, 100, unused postage stamps. Shs.100.
Rent received in advance, Shs.2, 800.
Commission accrued, Shs.3, 900.
Stock on 31 December 20.1, Shs.48, 900.
Identify the assets and the liabilities then compile the
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