The following balances were extracted from the books ofMunirah Trading for the year ended 30 June 2022.Trial balance as at 30 June 2022Inventory at 1 July 2021SalesPurchasesReturn inwardsReturn outwardsElectricity chargesRentalSalary and wagesFixtures & fittingsCash & BankAccounts receivableAccounts payableCapitalDrawingsDr (S) Cr (S)5,000148,6002,4007008,3006,50010,50016,60013,000176,0003,60011,00030,0009,000220,600 220,600Additional information:-i) Inventory as at 30 June 2022 was valued at $5,500ii) Accrual electricity charges of $65iii) Prepaid rental of $500iv) Furniture is to be depreciated at a rate of 10% on cost.REQUIRED:-a) Prepare the Statement of Comprehensive Income for theyear ended 30 June 2022.b) Prepare the Statement of Financial Position as at 30 June2022.

A Statement of Comprehensive Income allows a company to establish precise and reasonable estimates.…

Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July 2021 Sales Purchases Return inwards Return outwards Electricity charges Rental Dr (S) Cr (S) 5,000 148,600 2,400 700 8,300 176,000 3,600

Munirah Trading for the year ended 30 June 2022. Trial balance as at 30 June 2 Inventory at 1 July 2021 Sales Purchases Return inwards Return outwards Electricity charges Rental Dr (S) Cr (S) 5,000 148,600 2,400 700 8,300 176,000 3,600

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
Munirah Trading for the year ended 30 June 2022.
Trial balance as at 30 June 2022
Inventory at 1 July 2021
Sales
Purchases
Return inwards
Return outwards
Electricity charges
Rental
Salary and wages
Fixtures & fittings
Cash & Bank
Accounts receivable
Accounts payable
Capital
Drawings
Dr (S) Cr (S)
5,000
148,600
2,400
700
8,300
6,500
10,500
16,600
13,000
176,000
3,600
11,000
30,000
9,000
220,600 220,600
Additional information:-
i) Inventory as at 30 June 2022 was valued at $5,500
ii) Accrual electricity charges of $65
iii) Prepaid rental of $500
iv) Furniture is to be depreciated at a rate of 10% on cost.
REQUIRED:-
a) Prepare the Statement of Comprehensive Income for the
year ended 30 June 2022.
b) Prepare the Statement of Financial Position as at 30 June
2022.

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