Represents an extract from the business accounting records

Assignment Help Financial Accounting

Reference no: EM13907073

The Balance Sheet of the book wholesaler " Read More Books" owned by John Read, reported assets of $215,500 and liabilities of $93500 as at 1 July 2014.

You are presented with the following extract from the business accounts at 30 June 2015. Note that Information provided represents an extract from the business accounting records only:

Rent Paid and incurred for the year 26000

Account Receivable 30 June 2015 16900

Wages Paid and incurred for the year 84800

Insurance Paid and expired for the year 15050

On 30 June 2015 Purcashed a new book on credit 16300

Payment made to creditors during the year 67000

Book Sales:

On credit 200000

for Cash 25000

Bought Office Stationary:

with Cash 680

on Credit 1420

Additional Information:

-Amounts still owing to suppliers at 30 June 2015 total $33,400

-The firm has no office stationary at the start of the financial period and had $300 of office stationary on hand at 30 June 2015

-The owner withdrew $35000 during the year.

Please prepare Income Statement for the year ended 30 June 2015 and also statement of changes in equity for same period

Reference no: EM13907073

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