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Comprehensive income and statement of financial position

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Reference no: EM13554623

(Recording of Transactions) Kazam Services begins the month with capital of $200,000 and the following assets and liabilities:

Assets

Liabilities

Property, plant, and equipment

$500,000

Bank overdraft

$ 35,000

Account receivable

$125,000

Account payable

$ 90,000


Long-term loan

$300,000

The following transactions took place in the accounting records of the business during the past month:

  • Took out long-term loan for new building: $150,000
  • Received from debtors: $45,000
  • Paid to creditors: $30,000
  • Invoiced customers for services carried out: $70,000
  • Paid salaries: $15,000
  • Paid various office expenses: $5,000

In addition, depreciation of $20,000 was provided for the period.

  1. Produce a schedule of transactions under appropriate headings for each account.
  2. Total each account and produce a statement of comprehensive income and statement of financial position.

Reference no: EM13554623

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