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DEBIT CREDIT ...

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Verified Solution

Question

Accounting

DEBIT

CREDIT

Purchases

65240

Sales

137425

Capital

45845

Bank

20000

Cash

200

Discount allowed

2400

Returns inwards

3580

Returns outwards

1400

Carriage inwards

2410

Rent

6780

Provision for doubtful debts

500

Office furniture

5600

Motor van

15000

Accounts receivable

12300

Accounts payables

10500

Drawings

19600

Salaries and wages

42000

General expenses

560

total

195670

195670

a sole trader extracted the above trial balance from his books at the close of business on 31 July 2018

Notes

i. Closing inventory 31 March 2017 P6, 500

ii. Accrued salaries and wages P5, 000

iii. Prepaid rent P800

iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED:

a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. (10 marks) b. Prepare a Statement of Financial Position as at 31 July 2018. (10 marks)

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