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Prepare Hussain balance sheet as at December

Assignment Help Financial Accounting
Reference no: EM133000435

Problem - The following information is relevant.

1. Closing inventory was valued at $98,000.

2. Equipment is depreciated by 10% on Straight line basis.

3. Motor vehicles are depreciated by 20% on reducing balance basis.

4. Accrued wages at the end of 2019 amount to $2,100.

5. On 1 November 2019 Hussain paid $560 for insurance which is valid until 31 October 2020.

6. Irrecoverable receivables of $4,200 need to be written off.

7. Hussain decides to increase the allowance for receivable for five percent of the remaining outstanding receivables.

8. Hussain has taken goods worth $2,660 for his own use.

Required -

a. Prepare Hussain's income statement for the year ending 31st December 2019.

b. Prepare Hussain's balance sheet as at December 2019.

Reference no: EM133000435

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