Newday Traders is a haberdashery retailer based in Kingston. The business has provided the following infomation for the year ending December 31, 2020: Bank 40,000 Payments to suppliers 170,000 Cash purchases 458,560 Rent 300,000 Fixtures 2,500 Rates 73,000 Wages 53,960 General office expenses Balance b/d 492,020 32,500 57,500 220,000 8,500 66,000 11,500 78,000 132,000 Cash sales Receipts from debtors Motor vehicle Bank interest Commission Balance c/d Loan Drawings 1,098,020 1,098,020 List of balances: Details Creditors an 1 Dec 31 83,200 94,500 75,500 194,000 340,000 720,000 91,030 82,400 95,600 116,000 340,000 400,000 210,000 7,600 25,000 22,000 Debtors Stock Loan Building Motor vehicle Fixtures Rates prepaid Commission owing Wages owing 4,600 21,500 14,500 Additional notes: • Stock taken for personal use amounted to $9,500 • Amounts written off as bad debts totaled $8,500 • Discounts given to credit customers amounted to $3,400 • The motor vehicle sale was at net book value Using the information provided, derive the trial balance, statement of profit or loss, and statement of financial position for Newday Traders for the period.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Newday Traders is a haberdashery retailer based in Kingston The business has provided the
following infomation for the year ending December 31, 2020:
Bank
40,000 Payments to suppliers
170,000 Cash purchases
458,560 Rent
300,000 Fixtures
2,500 Rates
73,000 Wages
53,960 General office
Balance b/d
492,020
32,500
57,500
220,000
8,500
66,000
11,500
78,000
132,000
1,098,020
Cash sales
Receipts from debtors
Motor vehicle
Bank interest
Commission
Balance c/d
expenses
Loan
Drawings
1,098,020
List of balances:
Jan1
83,200
94,500
75,500
194,000
340,000
720,000
Details
Dec 31
91,030
82,400
95,600
116,000
340,000
400,000
210,000
7,600
25,000
22,000
Creditors
Debtors
Stock
Loan
Building
Motor vehicle
Fixtures
Rates prepaid
Commission owing
Wages owing
4,600
21,500
14,500
Additional notes:
Stock taken for personal use amounted to $9,500
Amounts written off as bad debts totaled $8,500
Discounts given to credit customers amounted to $3,400
The motor vehicle sale was at net book value
Using the information provided, derive the trial balance, statement of profit or loss, and
statement of financial position for Newday Traders for the period.
Transcribed Image Text:Newday Traders is a haberdashery retailer based in Kingston The business has provided the following infomation for the year ending December 31, 2020: Bank 40,000 Payments to suppliers 170,000 Cash purchases 458,560 Rent 300,000 Fixtures 2,500 Rates 73,000 Wages 53,960 General office Balance b/d 492,020 32,500 57,500 220,000 8,500 66,000 11,500 78,000 132,000 1,098,020 Cash sales Receipts from debtors Motor vehicle Bank interest Commission Balance c/d expenses Loan Drawings 1,098,020 List of balances: Jan1 83,200 94,500 75,500 194,000 340,000 720,000 Details Dec 31 91,030 82,400 95,600 116,000 340,000 400,000 210,000 7,600 25,000 22,000 Creditors Debtors Stock Loan Building Motor vehicle Fixtures Rates prepaid Commission owing Wages owing 4,600 21,500 14,500 Additional notes: Stock taken for personal use amounted to $9,500 Amounts written off as bad debts totaled $8,500 Discounts given to credit customers amounted to $3,400 The motor vehicle sale was at net book value Using the information provided, derive the trial balance, statement of profit or loss, and statement of financial position for Newday Traders for the period.
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