The following balances were extracted from the books of Avon Hairdressing Shop on 31January 2020.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 information1 Owner paid half of the bank overdraft using his personal cheque.2 One third of the bank loan is repayable on 30 June 2020.3 Sales Invoice of $350 was not recorded.4 Utilities of $100 was wrongly recorded in insurance expenses.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.

Final Accounts : These are also known as Financial Statements namely Income Statement / Statement of…

llowing alances uary 2020. Capital, 1 February 2019 Drawings Fixtures and fittings Equipment Accumulated depreciation of fixtures and fittings Accumulated depreciation of equipment Cash in Hand Hairdropping Fee $ 16 000 1900 30 000 25 200 6 000 1 320 750

llowing alances uary 2020. Capital, 1 February 2019 Drawings Fixtures and fittings Equipment Accumulated depreciation of fixtures and fittings Accumulated depreciation of equipment Cash in Hand Hairdropping Fee $ 16 000 1900 30 000 25 200 6 000 1 320 750

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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Question

The following balances were extracted from the books of Avon Hairdressing Shop on 31
January 2020.
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
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.
3 Sales Invoice of $350 was not recorded.
4 Utilities of $100 was wrongly recorded in insurance expenses.
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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