Reference no: EM132549968

Using the following list of balances, prepare the trialbalance, statement of profit or loss and statement of financial position. Raphael had the following balances in his books for the year ending 31st December 2019:

Opening inventory K2,368;

Carriage outwards K200;

Carrriage inwards K310;

Purchases K12, 079;

Sales K18, 922;

Salaries K18, 922;

Salaries K3, 862;

Rent K304;

Insurance K78; motor expenses K664; Office expenses K216;

Lighting K166;

General expenses K314;

Equipment K5, 000;

Computers K2, 150;

Debtors K3,896;

Creditors K1, 731;

Cash K1, 685;

Capital K12, 639.

Closing inventory ( not to be used for the trial balance) at 31 December 2019 was K2, 946.

Question 1: What are the debit and credit balances in the trial balance?

Question 2: What is the value of cost of sales?

Question 3: What is the gross profit for the year?

Question 4: What is the gross profit for the year?

Question 5: What is the profit for the year?

Question 6: What is the value of the total non-current assets at the end of the year?

Question 7: What is the value of current assets at the end of the year?

Question 8: What is the value of total assets at the end of the year?

Question 9: What is the value of capital (equity) at the end of the year?