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REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.

REQUIRED (a) (b) Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.

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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7 1 2 3 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: Dr (S) Sales revenue Sales returns Cost of sales Freight charges Commission Income Additional information (a) (b) Rent Motor vehicle Capital Drawings Inventory Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 Sitstreptat inneba 131 860 Cr ($) 54 700 1 960 11 100 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 4 000 100 20 000 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.
Transcribed Image Text:7 1 2 3 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: Dr (S) Sales revenue Sales returns Cost of sales Freight charges Commission Income Additional information (a) (b) Rent Motor vehicle Capital Drawings Inventory Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 Sitstreptat inneba 131 860 Cr ($) 54 700 1 960 11 100 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 4 000 100 20 000 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. Prepare the statement of financial position as at 30 November 2019.
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