Control Accounts and Incomplete Records
Bank
Balance b/d 40,000 Payments to suppliers 492,020
Cash sales 170,000 Cash purchases 32,500
Receipts from debtors 458,560 Rent 57,500
Motor vehicle 300,000 Fixtures 220,000
Bank interest 2,500 Rates 8,500
Commission 73,000 Wages 66,000
Balance c/d 53,960 General office expenses 11,500
Loan 78,000
Drawings 132,000
Total 1,098,020 1,098,020
List of balances:
Details Jan 1 Dec 31
Creditors 83,200 91,030
Debtors 94,500 82,400
Stock 75,500 95,600
Loan 194,000 116,000
Building 340,000 340,000
Motor vehicle 720,000 400,000
Fixtures 0 210,000
Rates prepaid 4,600 7,600
Commission owing 21,500 25,000
Wages owing 14,500 22,000
Additional notes:
Stock taken for personal use $9,500
Bad debt written off $8,500
Discounts allowed $3,400
motor vehicle sale was at net book value
REQUIRED:
the trial balance, statement of profit or loss, and
statement of financial position for New day Traders for the period( include all workings for the statement of affairs and control accounts please)
The answer to your question is provided in the image:
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