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Question 1 (10 MARKS The following is the trial balance of Bravo LLC as at...

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Question 1 (10 MARKS The following is the trial balance of Bravo LLC as at 31 May 2018: Debit AED Credit AED Capital Drawing Loan- Public Bank 39,500 1,200 100,000 Leasechold premises 75,000 8,000 Motor vehicles Trade debtors25,000 Trade creditors Cash Bank overdraft Sales Purchase Sales returns Purchase returns Carriage outwards Inventory Rent and rates Light and heat Discount allowed Discount received 22,005 2,000 5,000 102,490 85,000 5,210 3,000 250 4,745 300 200 250 Bank interest 512 Interest received Wages and salaries Land and building 328 12,656 49,000 272,573 272,573 The inventory at 31 May 2018 has been valued at AEDS,300. Required: a. Prepare a statement of profit and loss for the year ended 31 May 2018. b. Prepare a statement of financial position as at 31 May 2018. [5 marks] [5 marks]

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