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QUESTION 1 (30 marks) Tia a student of the Small Business Management Group of 2019...

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QUESTION 1 (30 marks) Tia a student of the Small Business Management Group of 2019 established a sole proprietorship, selling car parts for the business. The business is at the end of the first year of operation. As a sole proprietorship she is not required to prepare a formal financial statement however in keeping with good business practices she intends to prepare these statements for personal benefits as a business owner. The following data were extracted from the books of Tia as at March 31, 2019. Page 1 of 3 Building Capital Cash Cost of Goods Sold Creditors Debtors (Accounts receivable) Depreciation Expense Drawings Electricity Expense Furniture and fixtures Insurance Expense Long Term Loan Motor van Rent Expense - Warehouse Sales Stock as at March 31, 2019 Transportation Expense 96,000 103,598 12,268 42,020 6,500 13,620 15,092 12,556 1,032 17.920 6,142 80,000 37,000 3,120 81,200 19,920 9,700 You are required to use the information provided above to prepare the basic Financial Statements and the Statement of Cash Flow for Tia's business as at the 31" March 2019

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