Capital, 1 February 2019DrawingsFixtures and fittingsEquipmentAccumulated depreciation of fixtures andfittingsAccumulated depreciation of equipmentCash in HandHairdressing FeesInterest expenseWages and salariesInsurance expenseCash at bank (Cr)Rent income5% loan from April BankTrade payablesUtilities expenseDiscount receivedBank charges$16 0001 90030 00025 2006 0001 32075038 10050023 9003 85091012 30015 0006004 20012050Additional informationOn 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 January2020.(b) Prepare the statement of financial position at 31 January 2020.

A statement of financial performance is a statement that indicates how much profit or loss the firm…

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

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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