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Problem - The following trial balance has been extracted from the ledger of Mr Yousef, a sole trader
Dr (£)
Cr (£)
sales
138,078
Purchase
82,350
carriage
5,144
drawings
7,800
Rent, rates and insurance
6,622
Postage and stationery
3,001
advertising
1,330
Salaries and wages
26,420
Bad debts
877
Allowance for doubtful debts
130
Accounts receivable
12,120
Accounts payable
6,471
Cash in hand
177
Cash at bank
1,002
Inventory as at 1 June 2011
11,927
equipment
At cost
58,000
Accumulated depreciation
19,000
capital
53,091
216,770
The following additional information as at 31 May 2012 is available:
(a) Rent is accrued by £210
(b) Rates have been prepaid by £880
(c) £2,211of carriage represents carriage inwards on purchase
(d) Equipment is to be depreciated at 15% per annum using the straight line method
(e) The allowance for doubtful debts to be increased by £40
(f) Inventory at the close of business have been valued at £13,551
Required: Prepare an income statement for the year ending 31 May 2012 and a statement of financial position as at that date.
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