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10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information I. II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 000. Tax expense for the year is R3 400

10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information I. II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 000. Tax expense for the year is R3 400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 
June 2018. The two images attached form part of the same table
3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most 
recent accounting period.
4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018

10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information L II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 800. Tax expense for the year is R3 400
Transcribed Image Text:10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information L II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 800. Tax expense for the year is R3 400
The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. 3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period. 4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018 Capital General reserve Sales Discount allowed Discount received Carriage inwards Carriage outwards Trade receivables Trade payables Stock at 1 July 2017 DR 400 1000 10000 10000 CR 100 000 40 000 80000 200 800 2000
Transcribed Image Text:The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. 3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period. 4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018 Capital General reserve Sales Discount allowed Discount received Carriage inwards Carriage outwards Trade receivables Trade payables Stock at 1 July 2017 DR 400 1000 10000 10000 CR 100 000 40 000 80000 200 800 2000
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Hi, the question is looking for :

1) Statement of Comprehensive Income of Happy-go-Lucky Stores for the most
recent accounting period.
2) Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018

Extracted from the books of Happy-go Lucky Stores for the year ended 30

The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. 3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period. 4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018 Capital General reserve Sales Discount allowed Discount received Carriage inwards Carriage outwards Trade receivables Trade payables Stock at 1 July 2017 DR 400 1000 10000 10000 CR 100 000 40 000 80000 200 800 2000
Transcribed Image Text:The following balances are extracted from the books of Happy-go Lucky Stores for the year ended 30 June 2018. 3. Prepare the Statement of Comprehensive Income of Happy-go-Lucky Stores for the most recent accounting period. 4. Prepare the Statement of Financial Position of Happy-go-Lucky Stores on 30 June 2018 Capital General reserve Sales Discount allowed Discount received Carriage inwards Carriage outwards Trade receivables Trade payables Stock at 1 July 2017 DR 400 1000 10000 10000 CR 100 000 40 000 80000 200 800 2000
10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information L II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 800. Tax expense for the year is R3 400
Transcribed Image Text:10% Mortgage (25 years) Interest income Interest Vehicles Equipment Intangible assets Accumulated depreciation Purchases Sundry expenses Stationary Insurance Internet fees Equipment repairs Salaries Rates Retained earnings Cash Additional Information L II. III. 5 000 100000 80000 50000 49000 500 600 900 500 800 400 300 71600 381000 50 000 5000 95000 8000 381 000 Stock on the 30th of June 2018 is valued at R15 000. Rental expenses incurred and correctly recorded in the year ended 30 June 2017 have still not been paid. The amount owing is R1 800. Tax expense for the year is R3 400
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