Capital, 1 February 2019 Drawings Fixtures and fittings Equipment Accumulated depreciation of fixtures and fittings Accumulated depreciation of equipment Cash in Hand Hairdressing Fees Interest expense Wages and salaries Insurance expense Cash at bank (Cr) Rent income $ 16 000 1 900 30 000 25 200 6 000 1 320 750 38 100 500 23 900 3 850 910 12 300
Capital, 1 February 2019 Drawings Fixtures and fittings Equipment Accumulated depreciation of fixtures and fittings Accumulated depreciation of equipment Cash in Hand Hairdressing Fees Interest expense Wages and salaries Insurance expense Cash at bank (Cr) Rent income $ 16 000 1 900 30 000 25 200 6 000 1 320 750 38 100 500 23 900 3 850 910 12 300
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Capital, 1 February 2019
Drawings
Fixtures and fittings
Equipment
Accumulated depreciation of fixtures and
fittings
Accumulated depreciation of equipment
Cash in Hand
Hairdressing Fees
Interest expense
Wages and salaries
Insurance expense
Cash at bank (Cr)
Rent income
5% loan from April Bank
Trade payables
Utilities expense
Discount received
Bank charges
$
16 000
1 900
30 000
25 200
6 000
1 320
750
38 100
500
23 900
3 850
910
12 300
15 000
600
4 200
120
50
Additional information
On 31 January 2020
(i) Annual insurance expense was $5 000.
(ii) Utilities expense paid in advance $700.
(iii) $500 rent income was earned but not yet collected.
(iv) 5% interest was charged on bank loan.
1 Owner paid half of the bank overdraft using his personal cheque.
2 One third of the bank loan is repayable on 30 June 2020.
REQUIRED
(a) Prepare the statement of financial performance for the year ended 31 January
2020.
(b) Prepare the statement of financial position at 31 January 2020.
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