The following trial balance was compiled from accounting records of Okalongo-stores for the yearended 31 March 2019Owner's equityDrawingsLong term investmentPetty cashProvision for bad and doubtful debtsSalaries and wagesInventoryAccounts receivablesAccounts payablesAdvertisementsAdministrative expensesBank overdraftOffice equipment at costAccumulated depreciation:Office equipmentCost of salesRepairs and maintenanceWater and electricitySalesBankInsuranceN$23 00080 0002 0003400022 00021 3001 6002 60024 000114 0003 6008 650102 70010 500449 950N$207 3001 20012 50012 0008 400208 550449 950Additional information:(1)The entity took out a fire insurance policy on 1 February 2019 and paid the annual premiof N$6 000 for coverage until 31 January 2020.(2)A credit customer who owes the business N$1 300 was declared insolvent and her accoumust be written off as irrecoverable.(3)Depreciation on office equipment c must still be provided for at 20% per annum on straigline method.(4)On 31 March 2019 water and electricity amounted to N$2 650 was still not paid.(5)On 1 December 2018 a tenant moved into office space available for rent and receivableamount is N$5 000 per month. No deposit was required.(6)The long-term investment was invested a few years ago. Interest on the investment isprovided for at 10% per annum.Required:(a) Prepare the statement of profit or loss of Okalongo-stores for the year ended 31 March2019.(b) Prepare the statement of financial position of Okalongo-stores as at 31 March 2019.

Statement of profit and loss shows all incomes and all expenses of the business and at the end it…

Answered: Required: (a) Prepare the statement of…

Required: (a) Prepare the statement of profit or loss of Okalongo-stores for the year ended 31 March 2019. (b) Prepare the statement of financial position of Okalongo-stores as at 31 March 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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