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Janet Grant is a sole trader who operates a retail shop in May Pen, Clarendon. The trial Balance of the enterprise as at 31December 2019, is as follows:
Additional information:
1. Inventory at 31 December 2019, $197,0002. Rent and Rates prepaid $3,0003. Create a provision for bad debts 5% of receivables4. Distribution expense owing $20,0005. Depreciate buildings and machinery at 5% and 10% on cost respectively.
REQUIRED:
Question A. Prepare the Income Statement for the year ended 31 December 2019
Question B. Prepare the Balance Sheet of the enterprise as at 31 December 2019
Question C. State thoroughly the difference between the accounting terms disclosure and recognition
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