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need on urgent basis Quention 2 A. Discuss the importance of the Cash flow...

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Accounting

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need on urgent basis

Quention 2 A. Discuss the importance of the Cash flow statements and its main components (10 marks) 8. ACO Lid has the following trial batanot as at 31 December 2020 E 15,000 9.000 4.500 1,500 2.000 7,500 4,500 Sales Motor Vehicles Accumulated Depreciation for Motor Vehicles Opening Stock (as of 1 Jan 2020) Sataties expense Accounts Receivables Fees received Cash Purchases Nates Payables Rent Experies Utilities Expenso Equipment Accumulated Depreciation for Equipment Share Capital 4,000 5.000 4,000 1.000 2.500 0.000 3.000 7.500 38.500 38 500 The following information is also available: (1) Closing stock at the 31st December 2020 in C1.000 (2) Included in Utilities expense costs of 1,200 for the year to 30 June 2021 (3) Late rent of 1,000 is due and has not been paid or included in the rent experise yet (4) Depreciation follows straight line method 20% for Motor Vehicles and 10% for Equipment Required Showing full workings, you are required to: Prepare an income Statement and a Balance Sheet for ACO ud at 31" of Decumber 2020 (50 marks) (Total of 60 marks)

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