BAC 103 – FINANCIAL ACCOUNTING 1 CAT 1 FEBRUARY 2025 QUESTION ONE Skates drew up the following trial balance as at 30 September 2022. Dr Capital Drawings Cash at bank Cash in hand Debtors Creditors Stock 30 September 2001 Motor van Office equipment Sales Purchases Returns inwards Carriage inwards Returns outwards Carriage outwards Motor expenses Rent Telephone charges Wages and salaries Insurance Office expenses Sundry expenses £ 842,000 311,500 29,500 1,230,000 2,391,000 410,000 625,000 9,210,000 55,000 21,500 30,900 163,000 297,000 40,500 1,281,000 49,200 137,700 Cr £ 3,095,500 937,000 1,309,000 30,700 28,400 17,153,200 17,153,200 Required: Prepare a Statement of Financial Position as at that date. (10 mks) 2 Revision Aid QUESTION TWO The books of Mr T, a trader in tea showed the following balances as at 31 March 1998: Opening stock of tea Purchases – Tea Salaries paid Buildings Cash in hand Cash at bank Rent, rates and council taxes Insurance premium paid Miscellaneous receipts Sales Discounts allowed Bad debts Building repairs Miscellaneous expenses Advertisement Commission to sales manager Furniture and fittings Air conditioners Sundry debtors Sundry creditors Loan on mortgage Interest paid on the above Prepaid expenses Drawings Bills payable (Current liability) Bank charges Legal charges Motor vehicles Travelling and conveyance Capital Shs. 100,000 400,000 80,000 95,000 2,000 135,000 15,000 3,000 10,000 720,000 4,750 3,250 2,900 8,700 20,000 32,400 35,000 30,000 100,000 80,000 70,000 3,000 4,000 18,000 30,000 2,000 6,000 80,000 10,000 280,000 Required; a. Prepare a Trial Balance for the business as at that date b. Prepare a Statement of Financial Position as at that date. (10 mks) (10 mks) ,………………………………………………… END ……………………………………………