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Required: a) Prepare a Statement of Profit & Loss and Statement of Financial Position. 5) Prepare a Statement of Cash Flow.

Required: a) Prepare a Statement of Profit & Loss and Statement of Financial Position. 5) Prepare a Statement of Cash Flow.

FINANCIAL ACCOUNTING
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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Required: a) Prepare a Statement of Profit & Loss and Statement of Financial Position. b) Prepare a Statement of Cash Flow.
Transcribed Image Text:Required: a) Prepare a Statement of Profit & Loss and Statement of Financial Position. b) Prepare a Statement of Cash Flow.
Task 2: Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit Credit Cash at Bank 5,850 Capital Account 15,000 Machine 8,100 Raw Materials 2,655 Stationery Accounts Payable 250 6,545 Rent 950 Business Insurance 38 Prepayments 1,362 Sales Income 17,550 Cost of Goods Sold 11,345 Accounts Receivable 4,500 Drawings Telephone 4,000 45 Depreciation Accumulated Depreciation 135 135 Total 39,230 39,230
Transcribed Image Text:Task 2: Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit Credit Cash at Bank 5,850 Capital Account 15,000 Machine 8,100 Raw Materials 2,655 Stationery Accounts Payable 250 6,545 Rent 950 Business Insurance 38 Prepayments 1,362 Sales Income 17,550 Cost of Goods Sold 11,345 Accounts Receivable 4,500 Drawings Telephone 4,000 45 Depreciation Accumulated Depreciation 135 135 Total 39,230 39,230
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