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Question 2 Becketts Ltd. has been trading for some years. The following...

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Accounting

Question 2
Becketts Ltd. has been trading for some years. The following trial balance has been extracted from her books of account as at 31 May 2019.
Dr.
Cr.
Ordinary share capital
10,000
Retained profit (as at 1 June 2018)
12,400
Cash
3,700
Trade payables
4,300
Trade receivables
6,000
Furniture and fittings
8,000
Heating and lighting
1,500
Miscellaneous expenses
6,700
Purchases
52,000
Sales
79,000
Inventory (as at 1 June 2018)
7,000
Rent
3,000
Wages and salaries
17,800
105,700
105,700
Additional information:
(1) Inventory at 31 May 2019=12,000.
(2) The accrued wages and salaries at the end of the year was 3,500. This amount has not been accounted for.
(3) The annual rent of 3,000 was paid at the start of January 2019.
Your tasks: Prepare Becketts income statement for the year ended 31 May 2019 and a statement of financial position as at that date.

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