The balances below were taken from the books of Level 100 – First Semester Enterprise as at 31/03/20
GH¢
GH¢
Plant & Machinery at cost
200,000
Depreciation on P/M
40,000
Motor Vehicles
40,000
Depreciation on Vehicles
16.000
Trade Receivables / Payables
90,000
12,000
Opening Inventory
60,000
Bank
72,000
Capital
280,000
Purchases and Sales
220,000
400,000
Salaries
29,000
Motor Expenses
12,000
Rates & Insurance
3,000
Loan Interest
6,000
General Expenses
16,000
748,000
748,000
You are given the following information:
1. Closing stock has been valued at GH¢50,0002. There is a salary of GH¢ 2,000 due to the staff. 3. Motor Expenses a prepayment GH¢200. 4. Depreciate Plant and Machinery is 10% on cost and 25% on reducing Balance for Motor Vehicles.5. Bad debts of GH¢500 is to be written off. Provision for doubtful debts is 2% of receivables.6. Goods taken for personal use amounts to GH¢2,000 whiles a cheque of GH¢20,000 was signed to pay his wife’s trip abroad.
Required:
Prepare the Income Statement and Statement of Financial Position for the year 31 March, 2020.
The post First Semester Enterprise appeared first on Homework Aider.
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but you proved you are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 11***| Rating: ⭐⭐⭐⭐⭐
"This company is the best there is. They saved me so many times, I cannot even keep count. Now I recommend it to all my friends, and none of them have complained about it. The writers here are excellent."
"Order a custom Paper on Similar Assignment at essayfount.com! No Plagiarism! Enjoy 20% Discount!"
