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Prepare a statement of financial position as at january

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Reference no: EM132951060

Question - The following balances were extracted from Best Tuition Centre accounts books on 31 January 2021.

Investment 18,000

Utilities 6,987

Cash on hand 659

Bank 8,282

Motor vehicle 50,000

Vehicle expense 4,350

Receivables 8,122

Payables 7,680

Office equipment 14,500

Furniture & fittings 19,000

Investment income 2,270

Drawings 8,000

Loan 15,000

Rent expense 12,100

Fees revenue 75,100

General expenses 6,300

Capital, Benjamin 68,000

Salaries and wages of tutors 11,750

Additional information: A cheque of $900 issued to a tutor has not been recorded.

Required -

(i) Prepare a Statement of Profit or Loss for the year ended 31 January 2021.

(ii) Prepare a Statement of Financial Position as at 31 January 2021.

Reference no: EM132951060

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