Please help me to solve this question You are also supplied with the following information:(1) Inventory at 31 December 2020 was $7,330.(2) Rent paid in advance at 31 December 2020 amounted to $250.(3) Loss allowance for trade receivables is to be made equal to 5% of accounts receivable at 31December 2020.(4) Depreciation is to be charged for the year at the following annual rates calculated on cost at theyear end:Freehold properties 1%Furniture and fittings 10%Motor cars 20%(5) Interest on the loan at 5% per annum is to be provided.Required:Prepare a statement of profit or loss for the year ended 31 December 2020 and a statement offinancial position at that date. The following information relates to the business of Maria for the year ended 31 December 2020:$$Capital account, 1 January 2020 13,640 Freehold properties at cost 7,500Furniture and fittings at cost 2,000Motor cars at cost 6,300Accumulated depreciation to 1 January 2020Freehold properties 450 Furniture and fittings 800 Motor cars 2,370 Inventory 1January 2020 6,740Purchases 54,520Sales 79,060 Salaries 8,760Rent 1,170Office expenses 3,950Motor expenses 3,790Drawings 4,800Loss allowance for receivables 1 January 2020 600 Loan 4,000 Tradereceivables 9,240Trade payables 10,040 Bank balance 2,190

Name: Please help me to solve this question You are also supplied with the f
Uploaded: 2024-03-05T11:50:36.000Z
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Description: Please help me to solve this question You are also supplied with the following information:(1) Inventory at 31 December 2020 was $7,330.(2) Rent paid in advance at 31 December 2020 amounted to $250.(3) Loss allowance for trade receivables is to be ma

Income statement or statement of profit and loss is the one which is prepared to determine the…

Business

Accounting

The following information relates to the business of Maria for the year ended 31 December 2020: $$ Capital account, 1 January 2020 13,640 Freehold properties at cost 7,500 Furniture and fittings at cost 2,000 Motor cars at cost 6,300 Accumulated depreciation to 1 January 2020 Freehold properties 450 Furniture and fittings 800 Motor cars 2,370 Inventory 1 January 2020 6,740 Purchases 54,520 Sales 79,060 Salaries 8,760 Rent 1,170 Office expenses 3,950 Motor expenses 3,790 Drawings 4,800 Loss allowance for receivables 1 January 2020 600 Loan 4,000 Trade receivables 9,240 Trade payables 10,040 Bank balance 2,190