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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
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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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.
Transcribed Image Text: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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