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Question 2: From the following account balances to 30 June 2020 prepare a statement of...

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Accounting

Question 2: From the following account balances to 30 June 2020 prepare a statement of financial position in the narrative classified format. Note: you will need to determine the balance of the retained earnings. (20 Marks)

Type of Account

$

Accounts Receivable

46500

Provisions

50000

Prepayments

1200

Sales Revenue

455000

Plant and Equipment

220000

Other Current Assets

11000

Borrowings

120000

Interest on Borrowings E

6000

Accumulated Depreciation

48500

Accounts Payable

26000

Share Capital

450000

Land and Buildings

339000

Inventory

78000

Two Year Term Deposit

98500

Cash at Bank

32000

Retained Earnings

?

Salaries expense

215000

Salaries Accrued

12500

Insurance Expense

9000

Annual Depreciation

22000

Utilities Expense

8500

Selling Expenses

25000

Question 3: From the accounts in question 2 above prepare a statement of profit or loss position for the period ended 30 June 2020.

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