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  3. question 2 (25 marks) b olse, a sole trader, extra

Question 2 (25 marks) B Olse, a sole trader, extracted the following trial balance from...

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Question 2 (25 marks) B Olse, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 2018 Debit Credit 65. 240 137. 425 43, 845 20,000 200 2.400 3.580 1.900 Purchases Sales Capital Bank Cash Discount allowed Returns Inwards Returns outwards Carriage inwards Rent Provision for doubtul debts Office furniture Motor van Accounts Receivables Accounts Payables Drawings Salaries and wages General expenses Total 2.410 6, 780 500 5,600 13,000 12.300 10.500 19,600 42.000 560 195, 670 195, 670 Notes i. Closing inventory 31 March 2017 PG, 500 ii. Accrued salaries and wages P3,000 iii. Prepaid rent 1800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 a Prepare a statement of Comprehensive Income for the year ended 31 July 2018. (15 marks) b. Prepare a Statement of Financial Position as at 31 July 2018 (10 marks)

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