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3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30 April 2014 the end of his most recent financial year. GHe Capital 83,887 Sales 259,870 19,840 13.407 Trade creditors Retum outward Provision for bad debt Discount allowed 512 2,306 Discount received 1,750 Purchases Return inwards 135,680 5,624 4,562 18,440 |11,830 25,973 Carriage outwards Drawings Carriage inwards Rent, rate and insurance Heating and lighting Postage, stationery & telephone Advertising Salaries and wages 11,010 2,410 5,980 38,521 Bad debts 2,008 Cash in hand 534 Cash at bank 4,440 15,654 Stock as at 1 May 2013 Trade debtors 24,500 120,740 Fixtures and fittings – cost Provision for dep. on fixtures and fittings as at 30™ April 2014 Depreciation 63,020 12,074 The following additional information as at 30th April 2014 is available: Stock at the close of business was valued at ¢17,750 Insurance have been prepared by ¢2,120 Heating and lighting is accrued by ¢1,660 Rates have been prepared by ¢5,930 Provision for bad debts is to be adjusted so that it is 3% of debts You are required to prepare: Statement of profit or loss account for the year ended 30th April 2004 Statement of Financial Position as at 30th April 2004

3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30 April 2014 the end of his most recent financial year. GHe Capital 83,887 Sales 259,870 19,840 13.407 Trade creditors Retum outward Provision for bad debt Discount allowed 512 2,306 Discount received 1,750 Purchases Return inwards 135,680 5,624 4,562 18,440 |11,830 25,973 Carriage outwards Drawings Carriage inwards Rent, rate and insurance Heating and lighting Postage, stationery & telephone Advertising Salaries and wages 11,010 2,410 5,980 38,521 Bad debts 2,008 Cash in hand 534 Cash at bank 4,440 15,654 Stock as at 1 May 2013 Trade debtors 24,500 120,740 Fixtures and fittings – cost Provision for dep. on fixtures and fittings as at 30™ April 2014 Depreciation 63,020 12,074 The following additional information as at 30th April 2014 is available: Stock at the close of business was valued at ¢17,750 Insurance have been prepared by ¢2,120 Heating and lighting is accrued by ¢1,660 Rates have been prepared by ¢5,930 Provision for bad debts is to be adjusted so that it is 3% of debts You are required to prepare: Statement of profit or loss account for the year ended 30th April 2004 Statement of Financial Position as at 30th April 2004

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30" April 2014 the end of his most recent financial year. GH¢ Capital 83,887 | 259,870 Sales Trade creditors 19,840 Return outward 13,407 Provision for bad debt Discount allowed 512 2,306 | 1,750 135,680 Discount received Purchases Return inwards 5,624 Carriage outwards Drawings Carriage inwards 4,562 18,440 11,830 25,973 | 11,010 2,410 | 5,980 Rent, rate and insurance Heating and lighting Postage, stationery & telephone Advertising Salaries and wages Bad debts Cash in hand 38,521 2,008 534 Cash at bank 4,440 Stock as at 15 May 2013 15,654 Trade debtors 24,500 Fixtures and fittings – cost Provision for dep. on fixtures and fittings as at 30tmApril 2014 |Depreciation 120,740 63,020 12,074 The following additional information as at 30" April 2014 is available: Stock at the close of business was valued at ¢17,750 Insurance have been prepared by ¢2,120 Heating and lighting is accrued by ¢1,660 Rates have been prepared by ¢5,930 Provision for bad debts is to be adjusted so that it is 3% of debts You are required to prepare: Statement of profit or loss account for the year ended 30". April 2004 Statement of Financial Position as at 30tn April 2004
Transcribed Image Text:3. Mr. Awudu has been trading for some years as a wine merchant. The following balance has been extracted from his ledger as at 30" April 2014 the end of his most recent financial year. GH¢ Capital 83,887 | 259,870 Sales Trade creditors 19,840 Return outward 13,407 Provision for bad debt Discount allowed 512 2,306 | 1,750 135,680 Discount received Purchases Return inwards 5,624 Carriage outwards Drawings Carriage inwards 4,562 18,440 11,830 25,973 | 11,010 2,410 | 5,980 Rent, rate and insurance Heating and lighting Postage, stationery & telephone Advertising Salaries and wages Bad debts Cash in hand 38,521 2,008 534 Cash at bank 4,440 Stock as at 15 May 2013 15,654 Trade debtors 24,500 Fixtures and fittings – cost Provision for dep. on fixtures and fittings as at 30tmApril 2014 |Depreciation 120,740 63,020 12,074 The following additional information as at 30" April 2014 is available: Stock at the close of business was valued at ¢17,750 Insurance have been prepared by ¢2,120 Heating and lighting is accrued by ¢1,660 Rates have been prepared by ¢5,930 Provision for bad debts is to be adjusted so that it is 3% of debts You are required to prepare: Statement of profit or loss account for the year ended 30". April 2004 Statement of Financial Position as at 30tn April 2004
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