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5 Feng is a sole trader. The following balances were extracted from the books on 30 September 2019. Non-current assets (at cost) Land and buildings $ 170000 Motor vehicles 30000 Fixtures and fittings 7000 Revenue 326000 Purchases 135000 Returns inwards 4300 Carriage of goods Wages and salaries Motor vehicle expenses Insurance expense 9000 90000 11250 2700 Rent receivable 14500 40000 40,000 x 6% 7 2,400 6% Bank loan (repayable 30 May 2022) Bank interest paid Cp. Capital 2400 160000 Drawings Inventory at 1 October 2018 Electricity and water Marketing expenses General expenses Bank Cash Trade payables Trade receivables 25000 30000 6050 17300 14000 27450 Credit overdsaft (ci) 15,500 36550 35000 Additional information at 30 September 2019 1 On 15 August 2019 goods had been purchased on credit for $1950. The transaction had not been recorded in the books. 2 Carriage of goods included $2700 for carriage on purchases. 3 Inventory was valued at $35550. 4 Rent receivable, $1500, was due. 5 The insurance included an annual payment of $800 made on 1 January 2019. 6 $750 was owing for water. 7A new motor vehicle costing $16000 was purchased on 19 September 2019. Payment was made by cheque. No entries had been made in the books. Required: Income Statement Statement of Financial Position

5 Feng is a sole trader. The following balances were extracted from the books on 30 September 2019. Non-current assets (at cost) Land and buildings $ 170000 Motor vehicles 30000 Fixtures and fittings 7000 Revenue 326000 Purchases 135000 Returns inwards 4300 Carriage of goods Wages and salaries Motor vehicle expenses Insurance expense 9000 90000 11250 2700 Rent receivable 14500 40000 40,000 x 6% 7 2,400 6% Bank loan (repayable 30 May 2022) Bank interest paid Cp. Capital 2400 160000 Drawings Inventory at 1 October 2018 Electricity and water Marketing expenses General expenses Bank Cash Trade payables Trade receivables 25000 30000 6050 17300 14000 27450 Credit overdsaft (ci) 15,500 36550 35000 Additional information at 30 September 2019 1 On 15 August 2019 goods had been purchased on credit for $1950. The transaction had not been recorded in the books. 2 Carriage of goods included $2700 for carriage on purchases. 3 Inventory was valued at $35550. 4 Rent receivable, $1500, was due. 5 The insurance included an annual payment of $800 made on 1 January 2019. 6 $750 was owing for water. 7A new motor vehicle costing $16000 was purchased on 19 September 2019. Payment was made by cheque. No entries had been made in the books. Required: Income Statement Statement of Financial Position

FINANCIAL ACCOUNTING
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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5 Feng is a sole trader. The following balances were extracted from the books on 30 September 2019. Non-current assets (at cost) Land and buildings $ 170000 Motor vehicles 30000 Fixtures and fittings 7000 Revenue 326000 Purchases 135000 Returns inwards 4300 Carriage of goods Wages and salaries Motor vehicle expenses 9000 90000 11250 Insurance expense 2700 Rent receivable 14500 40000 40,000 x 6% 7 2400 2400 6% Bank loan (repayable 30 May 2022) Bank interest paid ep. Capital Drawings Inventory at 1 October 2018 Electricity and water Marketing expenses General expenses 160000 25000 30000 6050 17300 14000 overdaft Con) Bank 27450 Credit Cash 15,500 Trade payables 36550 Trade receivables 35000 Additional information at 30 September 2019 1 On 15 August 2019 goods had been purchased on credit for $1950. The transaction had not been recorded in the books. 2 Carriage of goods included $2700 for carriage on purchases. 3 Inventory was valued at $35550. 4 Rent receivable, $1500, was due. 5 The insurance included an annual payment of $800 made on 1 January 2019. 6 $750 was owing for water. 7 A new motor vehicle costing $16000 was purchased on 19 September 2019. Payment was made by cheque. No entries had been made in the books. Required: Income Statement Statement of Financial Position
Transcribed Image Text:5 Feng is a sole trader. The following balances were extracted from the books on 30 September 2019. Non-current assets (at cost) Land and buildings $ 170000 Motor vehicles 30000 Fixtures and fittings 7000 Revenue 326000 Purchases 135000 Returns inwards 4300 Carriage of goods Wages and salaries Motor vehicle expenses 9000 90000 11250 Insurance expense 2700 Rent receivable 14500 40000 40,000 x 6% 7 2400 2400 6% Bank loan (repayable 30 May 2022) Bank interest paid ep. Capital Drawings Inventory at 1 October 2018 Electricity and water Marketing expenses General expenses 160000 25000 30000 6050 17300 14000 overdaft Con) Bank 27450 Credit Cash 15,500 Trade payables 36550 Trade receivables 35000 Additional information at 30 September 2019 1 On 15 August 2019 goods had been purchased on credit for $1950. The transaction had not been recorded in the books. 2 Carriage of goods included $2700 for carriage on purchases. 3 Inventory was valued at $35550. 4 Rent receivable, $1500, was due. 5 The insurance included an annual payment of $800 made on 1 January 2019. 6 $750 was owing for water. 7 A new motor vehicle costing $16000 was purchased on 19 September 2019. Payment was made by cheque. No entries had been made in the books. Required: Income Statement Statement of Financial Position
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