R. Burke Trial Balance as at 31 December 2019 Gross profit Accumulated depreciation on office equipment Capital Accounts payable Cash at bank Accounts receivable Drawings Insurance Commission received Motor repairs Closing inventory Office equipment at cost DR$ 100 8350 5500 6300 750 3000 12500 36500 CR$ 19500 7500 4200 5000 300 36500 Insurance prepaid $20 ii. Motor repairs owing $60 iii. Depreciate office equipment at 20% using the reducing balance method Required: (i) Prepare R Burke's Income Statement for the year ended 31 December 2019.

R. Burke Trial Balance as at 31 December 2019 Gross profit Accumulated depreciation on office equipment Capital Accounts payable Cash at bank Accounts receivable Drawings Insurance Commission received Motor repairs Closing inventory Office equipment at cost DR$ 100 8350 5500 6300 750 3000 12500 36500 CR$ 19500 7500 4200 5000 300 36500 Insurance prepaid $20 ii. Motor repairs owing $60 iii. Depreciate office equipment at 20% using the reducing balance method Required: (i) Prepare R Burke's Income Statement for the year ended 31 December 2019.

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

R. Burke Trial Balance as at 31 December 2019
Gross profit
Accumulated depreciation on office equipment
Capital
Accounts payable
Cash at bank
Accounts receivable
Drawings
Insurance
Commission received
Motor repairs
Closing inventory
Office equipment at cost
DR$
100
8350
5500
6300
750
3000
12500
36500
CR$
19500
7500
4200
5000
300
36500
i. Insurance prepaid $20
ii. Motor repairs owing $60
iii. Depreciate office equipment at 20% using the reducing balance method
Required:
(i) Prepare R Burke's Income Statement for the year ended 31 December 2019.

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