Prepare statement of financial position as at january

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Reference no: EM131969035

Problem

T. and T, a sole trader, extracted the following trial balance from his books at the close of business on 31 January 2017.

	DR	CR
Purchases and Sale	350 000	400 000
Sales Return and Purchases Return	5 000	6 200
Opening Stock	100 000
Provision for bad debt		800
Wages and salaries	30 000
Rates	6 000
Telephone	1 000
Furniture and fitting cost	44 000
Accumulated Depreciation- Furniture and Fitting		4 000
Motor vehicle-Cost	36 000
Accumulated Depreciation-Motor Vehicle		6 000
Debtor and Creditor	9 800	7 000
Bad Debt	200
Capital		179 000
Bank	3 000
Drawings	18 000

Total	603 000	603 000

i) Closing inventory at 31 January 2017 was N$ 120 000

Required: Prepare statement of comprehensive income and statement of financial position as at 31 January 2017.

Reference no: EM131969035

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