Additional information Inventory as at 31/12/2019 amounted to Ksh. 2,960,000 Provision for bad and doubtful debts is set at 6 % of current accounts receivable. Motor vehicle expenses prepaid amounted to Ksh. 135,000 Rent accrued amounted to Ksh. 140,000 and while salaries and wages unpaid were Ksh. 85,000. 5.Depreciation is provided on Plant and Machinery; and Furniture at 10 % p.a and 12% p.a respectively on cost. Required to prepare (a)Income statement for year ended 31/12/2019 (b)Statement of financial position as at 31/12/2019
Additional information Inventory as at 31/12/2019 amounted to Ksh. 2,960,000 Provision for bad and doubtful debts is set at 6 % of current accounts receivable. Motor vehicle expenses prepaid amounted to Ksh. 135,000 Rent accrued amounted to Ksh. 140,000 and while salaries and wages unpaid were Ksh. 85,000. 5.Depreciation is provided on Plant and Machinery; and Furniture at 10 % p.a and 12% p.a respectively on cost. Required to prepare (a)Income statement for year ended 31/12/2019 (b)Statement of financial position as at 31/12/2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additional information
- Inventory as at 31/12/2019 amounted to Ksh. 2,960,000
- Provision for bad and doubtful debts is set at 6 % of current
accounts receivable . - Motor vehicle expenses prepaid amounted to Ksh. 135,000
- Rent accrued amounted to Ksh. 140,000 and while salaries and wages unpaid were Ksh. 85,000.
5.Depreciation is provided on Plant and Machinery; and Furniture at 10 % p.a and 12% p.a respectively on cost.
Required to prepare
(a)Income statement for year ended 31/12/2019
(b)Statement of financial position as at 31/12/2019
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