Amelia, a sole proprietor of Amelia Camera Gear, extracted the following balancesfrom the books of the business on 31 January 2020.Trade receivablesMortgage loan2Interest on mortgage loanTrade payablesFixtures(b)Accumulated depreciation of fixturesDrawings +800Rental incomeEquipmentAccumulated depreciation of equipmentSales revenueSalariesCommission incomeSales returnsCash at bank - 800Capital, 1 February 2019Cost of salesInventoryAdvertisingDiscount received$44 00040 00025014 00098 00018 00019 00014 000100 00020 000176 00032 00018 00010 0004 200100 25066 00017 40019 6001 800Additional information1Amelia withdrew $800 cash from the business bank for her own use and thistransaction was omitted from the business books.$8 000 of the mortgage loan is to be repaid on 31 July 2020.REQUIRED(a)CrPrepare the Statement of Financial Performance for the year ended 31January 2020.Prepare the Statement of Financial Position as at 31 January 2020.

Financial Statements: These are the statements which are prepared to know the financial performance…

m the books of the business on 31 January 2020. Trade receivables Mortgage loan Interest on mortgage loan Trade payables Fixtures Accumulated depreciation of fixtures Drawings +800 Rental income Equipment $ 44 000 40 000 250 14 000 98 000 18 000 19 000 14 000 100 000 30.000

m the books of the business on 31 January 2020. Trade receivables Mortgage loan Interest on mortgage loan Trade payables Fixtures Accumulated depreciation of fixtures Drawings +800 Rental income Equipment $ 44 000 40 000 250 14 000 98 000 18 000 19 000 14 000 100 000 30.000

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

Amelia, a sole proprietor of Amelia Camera Gear, extracted the following balances
from the books of the business on 31 January 2020.
Trade receivables
Mortgage loan
2
Interest on mortgage loan
Trade payables
Fixtures
(b)
Accumulated depreciation of fixtures
Drawings +800
Rental income
Equipment
Accumulated depreciation of equipment
Sales revenue
Salaries
Commission income
Sales returns
Cash at bank - 800
Capital, 1 February 2019
Cost of sales
Inventory
Advertising
Discount received
$
44 000
40 000
250
14 000
98 000
18 000
19 000
14 000
100 000
20 000
176 000
32 000
18 000
10 000
4 200
100 250
66 000
17 400
19 600
1 800
Additional information
1
Amelia withdrew $800 cash from the business bank for her own use and this
transaction was omitted from the business books.
$8 000 of the mortgage loan is to be repaid on 31 July 2020.
REQUIRED
(a)
Cr
Prepare the Statement of Financial Performance for the year ended 31
January 2020.
Prepare the Statement of Financial Position as at 31 January 2020.

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