dam and Sons is a retail organization owned by Adam. On 31st December 2019, the following trial balance was extracted from the ledger. Ghc₵ Land and building 35,000 Plant and machinery 15,000 Motor van 45,000 Furniture and fittings 5000 Creditors 16,000 Cash in hand 1,200 Cash at bank 18,000 Stock 1st January 2019 900 Rent and rates 600 Lightening and heating 400 Insurance 500 Sales 80,000 Carriage inwards 200 Carriage outwards 450 Purchases 45,000 Returns Inwards 700 Return outwards 400 Discount Received 700 Discount Allowed 800 Bad Debts 300 Debtors 25,000 Repairs 1,500 Salaries and Wages 10,000 Drawings 2,000 Capital 110,250 207,450 You are given the following additional information: a. Stock at 31st December 2019 was GHc12,500 b. Insurance prepaid was GHc100 c. Lighting and heating bills outstanding were Ghc 200 d. Unpaid bills due for repairs were GHc250 e. Goods Valued at Ghc800 were withdrawn by proprietor for personal use and this had not been recorded in the books as at the close of the period. You are required a. The income statement for the year ended 31st December 2019 b. The statement of financial position (balance Sheet) as at that dat
Adam and Sons is a retail organization owned by Adam. On 31st December 2019, the
following
Ghc₵
Land and building 35,000
Plant and machinery 15,000
Motor van 45,000
Furniture and fittings 5000
Creditors 16,000
Cash in hand 1,200
Cash at bank 18,000
Stock 1st January 2019 900
Rent and rates 600
Lightening and heating 400
Insurance 500
Sales 80,000
Carriage inwards 200
Carriage outwards 450
Purchases 45,000
Returns Inwards 700
Return outwards 400
Discount Received 700
Discount Allowed 800
Debtors 25,000
Repairs 1,500
Salaries and Wages 10,000
Drawings 2,000
Capital 110,250
207,450
You are given the following additional information:
a. Stock at 31st December 2019 was GHc12,500
b. Insurance prepaid was GHc100
c. Lighting and heating bills outstanding were Ghc 200
d. Unpaid bills due for repairs were GHc250
e. Goods Valued at Ghc800 were withdrawn by proprietor for personal use and
this had not been recorded in the books as at the close of the period.
You are required
a. The income statement for the year ended 31st December 2019
b. The
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