QUESTION ONE The Comparative Statements of Financial Position of Village Market Limited for December 31 is given Below Dec 312000 Dec 312019 A 2100 46700 Accourts Receae 307200 Invertres 100 Investmerts 175000 Lad Eanert 200.000 500.000 450.000 20 100 201500 Acoumted Depreciaion 1800.000 Libes ad Sockhoers Equty Accourts Payate 471200 46300 Acand Eprs 40000 4500 Dends Payate 61.000 Commen Ss Opa teach 20.000 195000 122700 Sare Prom 120.000 Retaired Earg 1.13.400 201500 1.000 The Income Statements for the year ended 31 December 2020 is given below Village Market Limited Income Statement for the year Ended December 31 2020 Sh. Sh. S 400 Cost of Goodss Gros Proft 2000 Operating Epenses Depreciation 4700 Oter operating Experees 125700 1306.500 Operating oome Los on sale of invetumerts 53000 25.000 hone Beore Tax Taepere 50600 175.000 Netinome 300.00 Additional Information is available for the record of Village market 1. Equipment and Land were Acquired for Cash 2. There were no disposals of Equipment During the year 3. The Investments were sold for Sh. 150,000/- Cash 4. The Common Stocks was Issued at a premium for cash 5. There was Sh. 241,000/- debit to Retained Earnings for Cash dividends declared

QUESTION ONE The Comparative Statements of Financial Position of Village Market Limited for December 31 is given Below Dec 312000 Dec 312019 A 2100 46700 Accourts Receae 307200 Invertres 100 Investmerts 175000 Lad Eanert 200.000 500.000 450.000 20 100 201500 Acoumted Depreciaion 1800.000 Libes ad Sockhoers Equty Accourts Payate 471200 46300 Acand Eprs 40000 4500 Dends Payate 61.000 Commen Ss Opa teach 20.000 195000 122700 Sare Prom 120.000 Retaired Earg 1.13.400 201500 1.000 The Income Statements for the year ended 31 December 2020 is given below Village Market Limited Income Statement for the year Ended December 31 2020 Sh. Sh. S 400 Cost of Goodss Gros Proft 2000 Operating Epenses Depreciation 4700 Oter operating Experees 125700 1306.500 Operating oome Los on sale of invetumerts 53000 25.000 hone Beore Tax Taepere 50600 175.000 Netinome 300.00 Additional Information is available for the record of Village market 1. Equipment and Land were Acquired for Cash 2. There were no disposals of Equipment During the year 3. The Investments were sold for Sh. 150,000/- Cash 4. The Common Stocks was Issued at a premium for cash 5. There was Sh. 241,000/- debit to Retained Earnings for Cash dividends declared

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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