Solution-Prepare the statement of financial position

Prepare the statement of financial position

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Reference no: EM133098880

Question - The accounts listed below have been exempted from the books of Mwembe Tayari Co. Ltd as at 31st December 2020. The accounts relate to the normal transactions and operations of the Company.

Kshs

Cash 34,000

Buildings (NBV) 210,000

Notes payable 72,000

Salaries 19,000

Inventory 36,000

Accounts payable 60,000

Equity Capital 185,000

Accounts receivable 48,000

Sales 271,000

Note receivable 22,000

Bonds payable 75,000

Rent expense 15,000

Land 125,000

Cost of goods sold 165,000

Tax Expense 20,000

Tax payable 31,000

Required -

(a) Prepare the Trial balance?

(b) Prepare the Income statement?

Reference no: EM133098880

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Prepare the statement of financial position

Reference no: EM133098880

Reference no: EM133098880

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