Preparea) Income Statement for the year ended 31 December 2022b) Statement of Owner's equity for the year ended 31 December 2022c) Balance sheet as at December 31, 2022 TRIAL BALANCE FOR THEODIST FOR THE YEAR ENDED 31st DECEMBER 2022Account namesStock as at 01/01/2022Trade debtorsTrade creditorsPetty cashDelivery vehicleSundry debtorsCash at bankSalesSales returns and allowancesGST PayableLong-term loanDrawingsMortgage on BuildingElectricity and waterPurchasesCustoms dutyFreight outwardsRent revenueInsurance on buildingInsurance on goods on transitSundry creditorsLoan from Heduru Moni payable in 6 monthsPurchases returns and allowancesOffice suppliesOffice expensesCommission receivedDiscount allowedDiscount revenueInterest expenseFreight inwardsOffice staff salariesCapital, TheodistDR5. Accrued expenses: -office expenses K690-Interest expense K160-Electricity and water K750KAdditional information;1. Stock as on 31st December 2022 was valued at K 5 2502. Depreciation on delivery vehicle is 10% p.a.3. Unused office supplies as at 31st December 2021 is K225.4. Write off K200 from trade debtors as bad debts for the year.2 62017 20010032 50013 32014 8001 6503 4502 75032 40016251 3252 6001 3503 2253 090115015401 16515 600153 460Reqirement: Preparea) Income statement for the year ended 31 December 2022b) Statement of Owners Equity for the year ended 31 December 2022c) Balance Sheet as at 31 December 2022CRK8 30077 9005 20020 00010 0002253 5005 00056033013022 315153 460

Name: Preparea) Income Statement for the year ended 31 December 2022b) State
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Description: Preparea) Income Statement for the year ended 31 December 2022b) Statement of Owner's equity for the year ended 31 December 2022c) Balance sheet as at December 31, 2022 TRIAL BALANCE FOR THEODIST FOR THE YEAR ENDED 31st DECEMBER 2022Account namesStoc

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Answered: Prepare a) Income Statement for the…

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

Prepare

a) Income Statement for the year ended 31 December 2022

b) Statement of Owner's equity for the year ended 31 December 2022

c) Balance sheet as at December 31, 2022

TRIAL BALANCE FOR THEODIST FOR THE YEAR ENDED 31st DECEMBER 2022
Account names
Stock as at 01/01/2022
Trade debtors
Trade creditors
Petty cash
Delivery vehicle
Sundry debtors
Cash at bank
Sales
Sales returns and allowances
GST Payable
Long-term loan
Drawings
Mortgage on Building
Electricity and water
Purchases
Customs duty
Freight outwards
Rent revenue
Insurance on building
Insurance on goods on transit
Sundry creditors
Loan from Heduru Moni payable in 6 months
Purchases returns and allowances
Office supplies
Office expenses
Commission received
Discount allowed
Discount revenue
Interest expense
Freight inwards
Office staff salaries
Capital, Theodist
DR
5. Accrued expenses: -office expenses K690
-Interest expense K160
-Electricity and water K750
K
Additional information;
1. Stock as on 31st December 2022 was valued at K 5 250
2. Depreciation on delivery vehicle is 10% p.a.
3. Unused office supplies as at 31st December 2021 is K225.
4. Write off K200 from trade debtors as bad debts for the year.
2 620
17 200
100
32 500
13 320
14 800
1 650
3 450
2 750
32 400
1625
1 325
2 600
1 350
3 225
3 090
1150
1540
1 165
15 600
153 460
Reqirement: Prepare
a) Income statement for the year ended 31 December 2022
b) Statement of Owners Equity for the year ended 31 December 2022
c) Balance Sheet as at 31 December 2022
CR
K
8 300
77 900
5 200
20 000
10 000
225
3 500
5 000
560
330
130
22 315
153 460

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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