The following trial balance was extracted from the books of a retall trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 " Dr. Cr. Sales 288,128 Purchases 143,568 216,000 108,000 20,790 Equpment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehide Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payabies Accounts recelvables 45,794 51,480 Bad debts expense Bank 1,890 36,792 13,500 2,610 2,430 3,294 Cash Camriage in Camlage out Discounts allowed Discounts recelved 2160 212,058 Capital Drawings Rent Insurance 22,500 43,200 6,012 Interest expense Loan 7,434 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 Apri 2020 was $25,700 You are required to prepare the financial statemente (Income Statement and Balance Sheet) for the year ended 30 April 2020 ... . ..

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Create an income statement from the following information.

The following trial balance was extracted from the books of a retal trader, who has been in business fo
Rink Kamet
Trial Balance as at 30 April 2020
"Dr.
Cr.
Sales
288, 128
Purchases
143,568
216,000
108,000
20,790
Equpment
Motor Vehicle
Depreciation expense
Provision for depreciation - Equipment
Provision for depreciation - Motor Vehlde
Opening stock
Returns In
81,900
36,000
28,170
1,170
Returns out
432
Accounts payables
Accounts recelvables
Bad debts expense
Bank
45,794
51,480
1,890
36,792
13,500
2,610
2,430
3,294
Cash
Carlage in
Calage out
Discounts allowed
Discounts recelved
Сapital
Drawings
Rent
Insurance
2160
212,058
22,500
43,200
6,012
Interest expense
Loan
7.434
52,000
1,548
Provision for bad deots
Telephone
Water rates
5,940
5.240
720,020
720,020
Stock at 30 Apri 2020 was $25,700
You are required to prepare the financial statements (Income Statement and Balance
Sheet) for the year ended 30 April 2020
Transcribed Image Text:The following trial balance was extracted from the books of a retal trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 "Dr. Cr. Sales 288, 128 Purchases 143,568 216,000 108,000 20,790 Equpment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation - Motor Vehlde Opening stock Returns In 81,900 36,000 28,170 1,170 Returns out 432 Accounts payables Accounts recelvables Bad debts expense Bank 45,794 51,480 1,890 36,792 13,500 2,610 2,430 3,294 Cash Carlage in Calage out Discounts allowed Discounts recelved Сapital Drawings Rent Insurance 2160 212,058 22,500 43,200 6,012 Interest expense Loan 7.434 52,000 1,548 Provision for bad deots Telephone Water rates 5,940 5.240 720,020 720,020 Stock at 30 Apri 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020
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