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Onen Diane Alheri Vu-Bcs-1909-0032 Coursework 3

The document provides instructions to prepare three financial statements: 1) A trial balance as of December 31, 2020 showing assets, liabilities, and capital. 2) An income statement for the year ended December 31, 2020 showing revenue, expenses, and net profit. 3) A statement of financial position as of December 31, 2020 showing assets, liabilities, and owner's equity.

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95 views5 pages

Onen Diane Alheri Vu-Bcs-1909-0032 Coursework 3

The document provides instructions to prepare three financial statements: 1) A trial balance as of December 31, 2020 showing assets, liabilities, and capital. 2) An income statement for the year ended December 31, 2020 showing revenue, expenses, and net profit. 3) A statement of financial position as of December 31, 2020 showing assets, liabilities, and owner's equity.

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diane alheri
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FINANCIAL ACCOUNTING

a) Prepare a trial balance as at 31/12/2020


b) Prepare an income statement for the financial year ended 31/12/2020
c) Prepare the statement of financial position as 31st dec 2020
a)

GOMESIS TRIAL BALANCE AS AT 31 DECEMBER 2021.


AS 31st DECEMBER 2021

Details Dr shs Cr shs


Capital 10,000
Drawings 4000
Equipment at cost 15,500
Provision of depreciation on equipment 31,000
1,765
Inventory at 1st January 2021
1,290
Trade receivables 575
Bank over draft 1,600
Trade payable 31,250
Sales revenue 18,000
Purchases 990
Purchases returns 610
Carriage inwards 250
Returns inwards 330
Bad debts written off 200
Provision for doubtful debts 815
Discount received 700
Rent and Insurance 1,200
Commission recievable 425
Office expenses 119
Discount allowed 2,000
Furniture 368
Provision for depn on furniture
b)
GOMESIS INCOME STATEMENT AS AT 31 DECEMBER 2021.
Sales – Cost of goods sold = Gross profit
Gross – MI = Total revenue -OE = Net purchases

Shs Shs Shs


Sales Revenue 31,250
Returns inwards (250) 31,000
Cost of goods sold
Opening stock 1,765
610
Courage inwards 1,8000
Purchases (910)
Purchases returns
Net purchases 17,700
Cost of goods available for sale 19,465
(1,000) 18,465
Closing stock
12,535
Gross profit
Discounts 815
Commission receivable 1,200
2,086
Reduction in provision of bad debts 71
14,621
Total revenue
Operating expenses
330
Bad debts
3,100
Deptn of MV
400
Deptn on FF
119
Discount allowed
425
Office expenses
Rent 5,700
Pre-paid (600) 5,100
Insurance 5,700
700 6,400 15,874
Accursed (1,253)
Net profit
c)
GOMESIS STATEMENT OF FAINANCIAL POSITION AS 31st DECEMBER 2021

Assets Shs shs Shs


Assets (noncurrent) Cost Accumulated Deptn Net Book value
Equipment 15,500 6,200 9,300

F&F 2,000 769 1,231


17,500 6,969 10,531

1,000
Current Assets
1,290
Closing stock (129) 1,161
Receivables 600 2,761
Provision for bad debts 13,292
Prepaid rent 10,000
Total assets financed by (4,000)
capital (1,253)
4,747
Drawings
Net Profit
Owners’ equity 574
1,600
Current liabilities
700 2,875
Bank over draft 7,622
Trade payable
Insurance areas
Capital employed

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