QUESTION SIX (6)From the following trial balance of Enchi Ltd, prepare theIncome Statement for the period ended December 31, 2022 andthe Statement of Financial Position as at December 31, 2022SalesPurchasesSales returnsTrial Balance as at 31 December 2022CRGHC420,000.00Purchases returnsOpening stock at 1 January 2022Provision for doubtful debtsWages and salariesRatesTelephoneShop fittings at costVan at costDebtors and creditorsBad debtsCapitalBank balanceDrawingsDRGHC367,500.005,250.00105,000.0031,500.006,300.001,050.0042,000.006,510.00840.0031,500.0010,290.00 7,350.00210.00187,950.003,150.0018,900.00622,650.00 622,650.00Additional information:(i) Closing stock at 31 December 2022 GHC 126,000.(i) Accrued wages GHC5,250.(iii) Rates prepaid GHC525.(iv) The provision for doubtful debts to be increased to 10.5 percent of debtors.(v) Telephone account outstanding GHC231.(vi) Depreciate shop fittings at 10.5 per cent per annum, and vanat 21 per cent per annum, on cost15 | Page

The P&L statement tells about the profits and losses earned by the business. This is also known…

QUESTION SIX (6) From the following trial balance of Enchi Ltd, prepare the Income Statement for the period ended December 31, 2022 and the Statement of Financial Position as at December 31, 2022 Sales Purchases Sales returns Purchases returns Opening stock at 1 January 2022 Provision for doubtful debts Wages and salaries Rates Trial Balance as at 31 December 2022 CR GHC 420,000.00 Telephone Shop fittings at cost Van at cost Debtors and creditors Bad debts Capital Bank balance Drawings DR GHC 367,500.00 5,250.00 6,510.00 105,000.00 31,500.00 6,300.00 1,050.00 42,000.00 31,500.00 10,290.00 7,350.00 210.00 187,950.00 840.00 3,150.00 18,900.00 622,650.00 622,650.00 Additional information: (i) Closing stock at 31 December 2022 GHC 126,000. (i) Accrued wages GHC5,250. (iii) Rates prepaid GHC525. (iv) The provision for doubtful debts to be increased to 10.5 per cent of debtors. (v) Telephone account outstanding GHC231. (vi) Depreciate shop fittings at 10.5 per cent per annum, and van at 21 per cent per annum, on cost 15 Page

QUESTION SIX (6) From the following trial balance of Enchi Ltd, prepare the Income Statement for the period ended December 31, 2022 and the Statement of Financial Position as at December 31, 2022 Sales Purchases Sales returns Purchases returns Opening stock at 1 January 2022 Provision for doubtful debts Wages and salaries Rates Trial Balance as at 31 December 2022 CR GHC 420,000.00 Telephone Shop fittings at cost Van at cost Debtors and creditors Bad debts Capital Bank balance Drawings DR GHC 367,500.00 5,250.00 6,510.00 105,000.00 31,500.00 6,300.00 1,050.00 42,000.00 31,500.00 10,290.00 7,350.00 210.00 187,950.00 840.00 3,150.00 18,900.00 622,650.00 622,650.00 Additional information: (i) Closing stock at 31 December 2022 GHC 126,000. (i) Accrued wages GHC5,250. (iii) Rates prepaid GHC525. (iv) The provision for doubtful debts to be increased to 10.5 per cent of debtors. (v) Telephone account outstanding GHC231. (vi) Depreciate shop fittings at 10.5 per cent per annum, and van at 21 per cent per annum, on cost 15 Page

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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