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Baruch Enterprises Limited is a Book-seller dealing in books and stationery...

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Accounting

Baruch Enterprises Limited is a Book-seller dealing in books and stationery from various suppliers. One of their big customers are government schools where deliveries are done by the company. The following trial balance at 31 May 2021 was prepared by an inexperienced Accounting Student on industrial attachment. The following additional information was provided: (i) The directors proposed to transfer K15,000 of the profits to the general reserve. Closing inventory at 31 May 2022 was K35,000.(ii) Salaries amounting to K8,500 were outstanding at the end of the period. (iii) Rent was prepaid by K3,900 for the first three months of 2020.(iv) Straight line depreciation for the year is to be provided as follows: Motor vehicles 33(1)/(3)% Fixtures and fittings 10%(v) Taxation is to be ignored. Required: (a) Prepare a corrected trial balance as at 31 May, 2022(b) Prepare a Statement of Profit and Loss for the year ended 31 May 2022, for internal purposes. (c) Prepare a Statement of Financial Position as at 31 May 2022.

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