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Rs Rs Sales 200,000.00 Return Inwards 6,300.00 Purchases 86,500.00 Return Outwards 5,790.00 3,000.00 3,210.00 Rent Received Discounts Received Discounts Allowed 5,110.00 Wages 61,050.00 Rent Paid 12,000.00 Electricity 5,416.00 2,290.00 Insurance Motor Van Expenses Sundry Expenses 11,400.00 3,760.00 1,000.00 84,000.00 22,000.00 Loan Interest Land and Buildings Plant and Machinery Motor Van 19,000.00 Trade Receivables 12,425.00 Trade Payables 4,220.00 Bank 5,065.00 Loan (Repayable in 2012 20,000.00 Drawings Capital at 1 January 2010 25,904.00 127,000.00 363,220.00 363,220.00

Rs Rs Sales 200,000.00 Return Inwards 6,300.00 Purchases 86,500.00 Return Outwards 5,790.00 3,000.00 3,210.00 Rent Received Discounts Received Discounts Allowed 5,110.00 Wages 61,050.00 Rent Paid 12,000.00 Electricity 5,416.00 2,290.00 Insurance Motor Van Expenses Sundry Expenses 11,400.00 3,760.00 1,000.00 84,000.00 22,000.00 Loan Interest Land and Buildings Plant and Machinery Motor Van 19,000.00 Trade Receivables 12,425.00 Trade Payables 4,220.00 Bank 5,065.00 Loan (Repayable in 2012 20,000.00 Drawings Capital at 1 January 2010 25,904.00 127,000.00 363,220.00 363,220.00

FINANCIAL ACCOUNTING
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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Question

Income Statement and Statement of Financial Position

 

Corelie  began trading on 1 January 2010. The following trial balance as of 31 December 2010 has been extracted from her trial balance 

 

a) Prepare corelie Income Statement for the year ended 31 December 2010.

b)Prepare the Statement of Financial Position as at 31 December 2010

 

Rs Rs Sales 200,000.00 Return Inwards 6,300.00 Purchases 86,500.00 Return Outwards 5,790.00 Rent Received 3,000.00 Discounts Received 3,210.00 Discounts Allowed 5,110.00 61,050.00 Wages Rent Paid 12,000.00 Electricity 5,416.00 Insurance 2,290.00 11,400.00 3,760.00 Motor Van Expenses Sundry Expenses Loan Interest 1,000.00 Land and Buildings Plant and Machinery 84,000.00 22,000.00 Motor Van 19,000.00 Trade Receivables 12,425.00 Trade Payables 4,220.00 Bank 5,065.00 Loan (Repayable in 2012 20,000.00 Drawings Capital at 1 January 2010 25,904.00 127,000.00 363,220.00 363,220.00 O
Transcribed Image Text:Rs Rs Sales 200,000.00 Return Inwards 6,300.00 Purchases 86,500.00 Return Outwards 5,790.00 Rent Received 3,000.00 Discounts Received 3,210.00 Discounts Allowed 5,110.00 61,050.00 Wages Rent Paid 12,000.00 Electricity 5,416.00 Insurance 2,290.00 11,400.00 3,760.00 Motor Van Expenses Sundry Expenses Loan Interest 1,000.00 Land and Buildings Plant and Machinery 84,000.00 22,000.00 Motor Van 19,000.00 Trade Receivables 12,425.00 Trade Payables 4,220.00 Bank 5,065.00 Loan (Repayable in 2012 20,000.00 Drawings Capital at 1 January 2010 25,904.00 127,000.00 363,220.00 363,220.00 O
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