The following balances were extracted from Billy Transport Services books on 31 August 2021. ...
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Accounting
The following balances were extracted from Billy Transport Services books on 31 August 2021.
$
| Office equipment | 15,000 |
| Premises | 100,000 |
| Investment | 13,700 |
| Dividend received | 4,020 |
| Utilities | 7,978 |
| Insurance | 8,786 |
| Commission income | 18,400 |
| Drawings | 9,300 |
| Loan | 60,000 |
| Bank | 44,906 |
| Cash on hand | 400 |
| Capital | 80,000 |
| Transport income | 110,620 |
| Wages and salaries | 24,050 |
| Motor van | 48,000 |
| Motor van expenses | 12,310 |
| Trade receivables | 22,700 |
| Trade payables | 34,090 |
Additional information:
The owner Billy issued a business cheque to pay for his office utilities of $144. He has forgotten to record this.
Required:
- Prepare a Statement of Profit or Loss for the year ended 31 August 2021.
- Prepare a Statement of Financial Position as at 31 August 2021.
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