1. Sani trading company extracted the following balances from its books on 31st December 2010...
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1. Sani trading company extracted the following balances from its books on 31st December 2010 N Capital 24,000 Office furniture and equipment 8,000 Accumulated Depreciation (Furniture & Equipment) 3,276 Cash drawings 5,000 Stock on hand 1/1/2010 4,000 Purchases 20,600 Sales 41,200 Rent 430 Insurance 570 Salaries 700 Telephone & Postage 1,400 Discount allowed 500 Discount Received 900 bad debts 330 Debtors 9,240 Petty cash Provision for doubtful debts 260 Carriage inward 200 Creditors 6,450 Carriage outward 120 Returns inward 1,210 Returns outward 960 Land and Building 21,000 Bank 3,046 700 Required: Given that the closing stock is N5,000, prepare the income statement and the statement of financial position as at 31/12/10
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