Motor vehicles at costOffice equipment at costAccumulated depreciation:Motor vehiclesOffice equipmentCapital 1 July 2020DrawingsTrade receivablesInventoryShort term bank depositTrade payablesBank overdraftWages and salariesAllowance for impairment of trade receivablesSales revenueSales returnsCost of salesInterest paidInsurance expenseMotor vehicle expensesInterest incomeGeneral expensesCommission income5% Bank loanDebitS2160 00045 0001 50026 5006 20010 0009 600CreditS21 6009 00020 0001 80028 7002 2507 2002 4002 500203 6507 2004 35090087 5004502 65050 000203 650Additional information at 30 June 2021:1 Insurance expense relates to a fifteen-month period ending on 30 September 22 Included in commission income was an amount of $450 received in advance. LE3 Interest expense of $250 was still outstanding.4Included in the motor expense was $700 paid for repair of Sage's personal car.The net realisable value of the inventory as at 30 June 2021 was $5 600.A repayment, $10 000, on the bank loan is to be made on 30 September 2021.56REQUIRED(a) Prepare the statement of financial performance for the year ended 30 June 2021.(b) Prepare the statement of financial position as at 30 June 2021.1401

Financial statements are those reports and statements which are prepared at the end of accounting…

3 Interest expense of $250 was still outstanding. 4 Included in the motor expense was $700 paid for repair of Sage's personal car. The net realisable value of the inventory as at 30 June 2021 was $5 600. 5 6 A repayment, $10 000, on the bank loan is to be made on 30 September 2021. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 June 2021. (b) Prepare the statement of financial position as at 30 June 2021. 7401

3 Interest expense of $250 was still outstanding. 4 Included in the motor expense was $700 paid for repair of Sage's personal car. The net realisable value of the inventory as at 30 June 2021 was $5 600. 5 6 A repayment, $10 000, on the bank loan is to be made on 30 September 2021. REQUIRED (a) Prepare the statement of financial performance for the year ended 30 June 2021. (b) Prepare the statement of financial position as at 30 June 2021. 7401

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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