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iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. b. Prepare a Statement of Financial Position as at 31 July 2018.

iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. b. Prepare a Statement of Financial Position as at 31 July 2018.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. b. Prepare a Statement of Financial Position as at 31 July 2018.
Transcribed Image Text:iii. Prepaid rent P800 iv. Provide for depreciation as follows: Office furniture P560; Motor van P3, 750 REQUIRED: a. Prepare a Statement of Comprehensive Income for the year ended 31 July 2018. b. Prepare a Statement of Financial Position as at 31 July 2018.
B Otse, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 2018. Purchases Sales Capital Bank Cash Discount allowed Returns Inwards Returns outwards Carriage inwards Rent Provision for doubtful debts Office furniture Motor van Accounts Receivables Accounts Payables Drawings Salaries and wages General expenses Total Notes i. Closing inventory 31 March 2017 P6, 500 ii. Accrued salaries and wages P5, 000 Debit 65, 240 20,000 200 2,400 3, 580 2,410 6, 780 5, 600 15, 000 12, 300 19, 600 42,000 560 195, 670 Credit 137, 425 45,845 1,400 500 10, 500 195, 670
Transcribed Image Text:B Otse, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 2018. Purchases Sales Capital Bank Cash Discount allowed Returns Inwards Returns outwards Carriage inwards Rent Provision for doubtful debts Office furniture Motor van Accounts Receivables Accounts Payables Drawings Salaries and wages General expenses Total Notes i. Closing inventory 31 March 2017 P6, 500 ii. Accrued salaries and wages P5, 000 Debit 65, 240 20,000 200 2,400 3, 580 2,410 6, 780 5, 600 15, 000 12, 300 19, 600 42,000 560 195, 670 Credit 137, 425 45,845 1,400 500 10, 500 195, 670
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