From the following trial balance of V.Vette, you are asked to draw up an income statementfor the year ended 31 December 20X3 and a statement of financial position as at that date.Activity 2*From the fo ded 31 December 20X3 and a statement of financial position as at that date.DrCr2$Sales108,000Purchases82,190Carriage inwardsCarriage outwards555490Wages9,255Insurance542Returns inwards180Returns outwards212Drawings4,600Premises34,000Equipment8,600Trade receivables4,850Trade payables3,433Bank3,250Cash in hand123Sundries500Inventory as at 1 January 20X37,950Rent1,200emeateCapitalRates86047,500159,145159,145Inventory as at 31 December 20X3 $8,990O

Financial statements are a set of high-level reports that summaries an organization's financial…

Activity 2* for the year ended 31 December 20X3 and a statement of financial position as at that date. From the following trial balance of V.Vette, you are asked to draw up an income statement Dr Cr Sales 108,000 Purchases 82,190 Carriage inwards Carriage outwards Wages 555 490 9,255 Insurance 542 Returns inwards 180 Returns outwards 212 Drawings 4,600 Premises 34,000 Equipment Trade receivables Trade payables 8,600 4,850 3,433 Bank 3,250 Cash in hand 123 Sundries 500 Inventory as at 1 January 20X3 7,950 Rent 1,200 Rates 860 Capital 47,500 159,145 159,145 Inventory as at 31 December 20X3 $8,990

Activity 2* for the year ended 31 December 20X3 and a statement of financial position as at that date. From the following trial balance of V.Vette, you are asked to draw up an income statement Dr Cr Sales 108,000 Purchases 82,190 Carriage inwards Carriage outwards Wages 555 490 9,255 Insurance 542 Returns inwards 180 Returns outwards 212 Drawings 4,600 Premises 34,000 Equipment Trade receivables Trade payables 8,600 4,850 3,433 Bank 3,250 Cash in hand 123 Sundries 500 Inventory as at 1 January 20X3 7,950 Rent 1,200 Rates 860 Capital 47,500 159,145 159,145 Inventory as at 31 December 20X3 $8,990

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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