Question 4(This question provides evidence against CILO 4)Ahmed is a sole trader. His financial year ends on 31 December.He does not maintain a full set of accounting records. He was ableto provide the following information at 1 January 2020.During the year ended 31 December 2019:Provide for depreciation of the motor vehicle at 30% on thevaluation when transferred into the business.The following trial balance has been extracted by Ahmed on 31December 2019.Prepare the financial statement for Ahmed Business.DRCRBD BDOpening InventoryCapital13,25070,000Premises at cost65,000Motor Vehicle at cost5,250Purchases55,000Sales Revenue85,500Administration expensesWagesRent paidTelephoneInterest paidTravel ExpensesSales Ledger controlPurchase ledger control8509,2201,2006801203301,3506,400Value added tax1,150Bank2,100Cash600DrawingClosing inventory :income8,10018100statementClosing inventory : statement of 18,100financial position181,150181,1504.1 Statement of profit or loss

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Description: Question 4(This question provides evidence against CILO 4)Ahmed is a sole trader. His financial year ends on 31 December.He does not maintain a full set of accounting records. He was ableto provide the following information at 1 January 2020.During

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Question 4(This question provides evidence against CILO 4) Ahmed is a sole trader. His financial year ends on 31 December. He does not maintain a full set of accounting records. He was able to provide the following information at 1 January 2020. During the year ended 31 December 2019: Provide for depreciation of the motor vehicle at 30% on the valuation when transferred into the business. The following trial balance has been extracted by Ahmed on 31 December 2019. Prepare the financial statement for Ahmed Business. DR BD BD 13,250 CR Opening Inventory Capital 70,000 Premises at cost 65,000 Motor Vehicle at cost 5.250 Purchases 55,000 Sales Revenue 85,500 Administration expenses Wages Rent paid Telephone Interest paid Travel Expenses 850 9,220 1,200 680 120 330 Sales Ledger control Purchase ledger control Value added tax 1,350 6,400 1,150 Bank 2.100 Cash Drawing Closing inventory income 600 8,100 18100 statement Closing inventory: statement of 18,100 financial position 181,150 181,150 4.1 Statement of profit or loss

Question 4(This question provides evidence against CILO 4) Ahmed is a sole trader. His financial year ends on 31 December. He does not maintain a full set of accounting records. He was able to provide the following information at 1 January 2020. During the year ended 31 December 2019: Provide for depreciation of the motor vehicle at 30% on the valuation when transferred into the business. The following trial balance has been extracted by Ahmed on 31 December 2019. Prepare the financial statement for Ahmed Business. DR BD BD 13,250 CR Opening Inventory Capital 70,000 Premises at cost 65,000 Motor Vehicle at cost 5.250 Purchases 55,000 Sales Revenue 85,500 Administration expenses Wages Rent paid Telephone Interest paid Travel Expenses 850 9,220 1,200 680 120 330 Sales Ledger control Purchase ledger control Value added tax 1,350 6,400 1,150 Bank 2.100 Cash Drawing Closing inventory income 600 8,100 18100 statement Closing inventory: statement of 18,100 financial position 181,150 181,150 4.1 Statement of profit or loss

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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