_uaui~• • rm ,;) a
.
;
)V ·. 1., ocn, 1 ne.
,ouowtng Dal3nces
aoo·K S
'
'
._·, .-,
~
on 31 f) cember 20 6.
Of
Cr
$
$
.inventory on 1 J .nu- ry .20'.X
5·600
1 700
- Purchas ·
Sales
Purch . s r._ tu:rns
.Sal s r turns
Sal rt s nd was s
_Ren·t and_n ur, .,
_. -· . . Gen rat exp ns :s
'.--_, · · - _- Commfs Jon
;• _. _. ·Axtur-s and f~tUngs
. _· · : ·. · · Motor v hid s
29 400
C
31'00
2900
l lOO
,2 . 800
l'l .00
3200
35000
18000
_· ·.• _-,_ - Ca.pital 1 Jnuary 20X6.
.
·•,
.. . - · Orawin s
.' ,
, ·.
-
110000
37 200
l 00
,
· .. _ Bank b l~nce
100
· Trad:e .recei¥ables
··Trade paya~( s: -:
·_ ' Addltlonal Inform 'Uo
••'
·> __, _ -·· :· ·-tnventory at 31 Oe~em
••
.1
_; .·-.~-.. : REQ.U_fREO· ·.. . _
·:_, -· · · (~L ·..
_ (b) -
1_
.,
.
r 20X6 wa-s valued at $28 600.
,._,
,,'\.''
•
.
ftreparethe lncom~ Statement for the year ended 31 December 20X6.
·_ Prepare the Balance Sheet as at 31 December 20X6.
"'
1G,
900
134 200
2 ,,
~
200 .
105 000
28 000
25 200
17600
1400
18 200
2400
1400
2100
4 500
1 600
28 600
o,-,ber 20X6
.s a, 30 , pt -mb r 20X7 w s vafu d at $22 400.
(
,
I
n
f
1.
·" W t~
n f r th y r
Wa - n s _- 0 p ~m ·. r
0
20)(7,
.
- -· ·
• • " '-' n>
•
rll lfJUf t5
an<1 selfs furniture . The following balances we·r e extracted from h" b
September 20XS.
15
Q
ooks on 30
$
Purchases and Sal'es
Inventory at l October 20X4
Return inwards
Heturn outwards
Carriage inwards
$
137 600 230 600
23100
f300
1100
Carriage outwards
2 200
4600
Wages and salaries
18 700
Insurance
Motor vehicle expenses
General e~penses
Rental income (Cr)
Bank overdraft
Premises .
r,11otor vehicles
_Trade receivables and Trade payables
Drawings and -.Capital at 1 October 20X4
7 600
3100
5 200
2 800
1400
90000
30000
3S 700
29 400
31200 125 000
390 300 390 30.Q
The dosing inventory as at 30 September 20XS was valued at $23 500.
cd
·. - ~- ,:
•
On 30 June 20X4 the following information '!"as avalla~le from the books of Andrew·Smith, a sole trader.- ·
..:- .
".Dr($}' _. :.--.. Cr:($)_: . _ , ;: .
··
2s·ooo , ·14 ooo · .· :
,., - Trade receivables and Trade payables
purchases and Sales
cash at bank
cash in hand
inventory at 1 July 20X3
222 .000· · 332 000 '
·'
\,
.. · ·
•
.i.
~-.< .,
• • •,) '•. 4•300 a' ' : ·
Returns
carriage inwards
Carriage outwards
Rent and rates
wages and salaries
Insurance
Commission
Motor vehicle expenses
General ~xpenses
Loan interest
Loan
Equipment
Motor vehicles
Drawings and Capital
.,
7 800
. 600
·, 45 500 ...·
. .
'.·.
.
•.
,.
'-·
. · :._ .;.-:·.,
-
. .. ~,
'
'
a\ 14 400 :·
• ,l
'
13 500 ..
21600
4
_;
:.·
.
•
33 800
3 600
1200
'
.,
.,
,<;,.
'
1600
. 5 200
600
- 10 000
40000
22 000
44 500
143 000
506 000 . 506 000
Additional information
The closing Inventory as at 30 June 20X4 was valued at $48 500.
REQUIRED
(a)
Prepare the Income Statement of Andrew Smith for the year ended 30 June 20X4.
(b)
Prepare the Balance Sheet of Andrew Smith as at 30 June 20X4.