Lily Kwan, a sole proprietor, extracted the following trial balance from her books 30 April 2020: Dr Cr Accounts payable 17,280 Accounts receivable 12,820 9,840 Advertising 6,200 475,470 Bank overdraft Capital Carriage inwards Carriage outwards Motor car 2,820 2,090 35,700 Drawings Water and electricity Insurance 102,960 10,690 7,850 Overdraft interest 280 Inventory as at 1 May 2019 Premises 39,790 318,760 Purchases 435,170 Rent revenue 20,660 Motor expenses 11,850 9,970 565,950 Returns outwards Sales Telephone and internet expenses Returns inwards 3,410 1,500 Office equipment 100,000 1,095,530 1,095,530

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Required Draw up an income statement for the year ended 30 April 2020 and a verticle statement of financial positions as at that date (verticle style)
Lily Kwan, a sole proprietor, extracted the following trial balance from her books on
30 April 2020:
Dr
Cr
$
$
Accounts payable
17,280
12,820
9,840
Accounts receivable
Advertising
Bank overdraft
6,200
Capital
Carriage inwards
Carriage outwards
475,470
2,820
2,090
35,700
Motor car
Drawings
Water and electricity
Insurance
102,960
10,690
7,850
Overdraft interest
280
Inventory as at 1 May 2019
39,790
318,760
Premises
Purchases
435,170
Rent revenue
20,660
Motor expenses
Returns outwards
11,850
9,970
565,950
Sales
Telephone and internet expenses
Returns inwards
Office equipment
3,410
1,500
100,000
1,095,530
1,095,530
Inventory as at 30 April 2020 was valued at $37,190.
Transcribed Image Text:Lily Kwan, a sole proprietor, extracted the following trial balance from her books on 30 April 2020: Dr Cr $ $ Accounts payable 17,280 12,820 9,840 Accounts receivable Advertising Bank overdraft 6,200 Capital Carriage inwards Carriage outwards 475,470 2,820 2,090 35,700 Motor car Drawings Water and electricity Insurance 102,960 10,690 7,850 Overdraft interest 280 Inventory as at 1 May 2019 39,790 318,760 Premises Purchases 435,170 Rent revenue 20,660 Motor expenses Returns outwards 11,850 9,970 565,950 Sales Telephone and internet expenses Returns inwards Office equipment 3,410 1,500 100,000 1,095,530 1,095,530 Inventory as at 30 April 2020 was valued at $37,190.
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