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Larissa runs a consultancy agency. The following trial balance was extracted from of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income 127 200 5 950 5 800 2 500 19 500

Larissa runs a consultancy agency. The following trial balance was extracted from of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income 127 200 5 950 5 800 2 500 19 500

FINANCIAL ACCOUNTING
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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1 Larissa runs a consultancy agency. The following trial balance was extracted from the books of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income Commission income Rental income Printing and stationery Insurance Wages and salaries Repairs expense Utilities Discount Drawings Capital, 1 April 2021 4 $ 127 200 5 950 5 800 2 500 19 500 6 1 200 25 000 53 900 3 900 3 780 1 800 200 250 730 $ 100 000 8 400 96 800 3 200 2 400 Additional information at 31 March 2022 1 Wages and salaries paid was for 14 months up to 31 May 2022. 2 Repairs expense of $200 was still owing. 3 Rental income of $600 was received on 1 January 2022. The sum was for the period 1 January to 31 March 2022. Monthly commission income was $350. 5 An invoice of $500 for consultancy service was issued. This was not recorded in the books. 39 930 250 730 Larissa withdrew $6 000 from the business bank account for personal use. This was not recorded in the books. REQUIRED (a) Prepare the statement of financial performance for the year ended 31 March 2022 (b) Prepare the statement of financial position as at 31 March 2022.
Transcribed Image Text:1 Larissa runs a consultancy agency. The following trial balance was extracted from the books of Larissa business on 31 March 2022. Delivery van Office equipment Cash at bank Cash in hand Trade receivables Bank loan Trade payables Fee income Commission income Rental income Printing and stationery Insurance Wages and salaries Repairs expense Utilities Discount Drawings Capital, 1 April 2021 4 $ 127 200 5 950 5 800 2 500 19 500 6 1 200 25 000 53 900 3 900 3 780 1 800 200 250 730 $ 100 000 8 400 96 800 3 200 2 400 Additional information at 31 March 2022 1 Wages and salaries paid was for 14 months up to 31 May 2022. 2 Repairs expense of $200 was still owing. 3 Rental income of $600 was received on 1 January 2022. The sum was for the period 1 January to 31 March 2022. Monthly commission income was $350. 5 An invoice of $500 for consultancy service was issued. This was not recorded in the books. 39 930 250 730 Larissa withdrew $6 000 from the business bank account for personal use. This was not recorded in the books. REQUIRED (a) Prepare the statement of financial performance for the year ended 31 March 2022 (b) Prepare the statement of financial position as at 31 March 2022.
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