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QUESTION 5 The following financial information relates to Grand Investment: Details Pula Amount ...

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Accounting

QUESTION 5
The following financial information relates to Grand Investment:
Details Pula Amount
Capital 83887
Trade accounts receivable 24500
Purchases 135680
Sales 259870
Trade accounts Payables 19840
Returns out
13,407
Allowance for doubtful debts 512
Discount allowed 2306
Discount received 1750
Returns inwards 5,624
Carriage outwards 4562
Drawings 18440
Carriage inwards 11830 Rent ,rates and insurance 25973
Heating ,stationery and telephone 11010
Advertising 2410
Salaries and wages 38521
Bad Debts 2008
Cash in hand 534
Cash at bank 4440
Inventory as at 1 May 201615654
Fixtures and fittings at cost 120740
Accumulated depreciation (1 May 2016_)63020
Depreciation 12074
Required:
(a) Prepare an Income Statement for the business for the year ended 30 April, 2024.

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