Reference no: EM132359596

Question :

Ms Ji-Yong has not kept proper bookkeeping records. but she has kept notes in a personal note form of her business transactions as at 31 May 2019.

The following transactions relate to financial year ended on 31 May 2018.

		DR		CR
Bank			18	200
Cash	1	400
Accounts Receivable and Payable	7	800	6	850
Motor Vehicle (Net Depreciation)	22	500
Furniture and Fittings at cost	16	700
Inventory - 31 May 2018	8	490
Prepaid Rent and Accrued Stationery Expense		510		150

During the financial year ended 31 May 2019. the following transactions occurred. Paid suppliers NS 26 400 by cheque and NS 990 by cash. During the year received NS 38 800 by cheque and N$ 2 600 by cash. NS 1 200 set-off was negotiated and granted. During year, customer refund amount to NS 500. Stationery expense paid during the year was N$ 8 700 and was paid by bank cheque. Rent expense was also paid an amount of NS 3 420 by cheque.

The following expenses was paid by cheque: Transport Expense NS 750. Telephone Expense N$ 2 150 and General Expense NS 680, Staff Welfare N$ 500 and by cash Municipal Service NS 380. Motor vehicle was acquired on 01 June 2017 and is depreciated at 10% per annum. Furniture and fittings was also acquired on 01 June 2018 and depreciated at 10% per annum and both on straight line method and no scrap value.

At 01 June 2019. the following balances still exist in Ji-Yong books:

		DR		CR
Bank			22	000
Cash	2	630
Rent Expense		540
Stationery Expense				300
Inventory - 31 May 2019	5	540
Drawings - 31 May 2019	16	300
Accounts Receivable and Payable		700	1	260

NB: WORKINGS ARE NOT REQUIRED

Required:

a) Prepare statement of comprehensive income as at 31 May 2019.

b) Prepare statement of financial position as at 31 May 2019.