wing is a summary of Jane’s bank account for the year ended 31 December 2021: $ $ Balance 1.January .2002 4,100 Payments to creditors for goods 67,360 Receipts from debtors 91,190 Rent 3,950 Balance 31Dec.2002 6,300 Insurance 1,470 Sundry expenses 610 Drawings 28,200 101,590 101,590 All of the business takings have been paid into the bank with the exception of $17,400. Out of this, Jane has paid wages of $11,260, drawings of $1,200 and purchase of goods $4,940. The following additional informati
Questions:
The following is a summary of Jane’s bank account for the year ended 31 December 2021:
$ $
Balance 1.January .2002 4,100 Payments to creditors for goods 67,360
Receipts from debtors 91,190 Rent 3,950
Balance 31Dec.2002 6,300 Insurance 1,470
Sundry expenses 610
Drawings 28,200
101,590 101,590
All of the business takings have been paid into the bank with the exception of $17,400. Out of this, Jane has paid wages of $11,260, drawings of $1,200 and purchase of goods $4,940.
The following additional information is available:
- Dec.2020 31.Dec.2021
Stock 10,800 12,200
Creditors for goods 12,700 14,100
Debtors for goods 21,200 19,800
Insurance prepaid 420 440
Rent owing 390 –
Fixtures at valuation 1,800 1,600
Required :Prepare Jane’s :
- Sales and purchases for the year
- Income statements for the year ended 31 December 2021 and a balance sheet as at that date. Show all of your workings.
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