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Question - Jai Lee has established a sole proprietorship business named Jai Lee Legal Services. Jia offers legal services to small and medium sized businesses. The following information relates to the business activities and account balances for the financial year ended 30 September 2020:
Account:
Creditors 960
Debtors 1,570
Accumulated depreciation - office equipment 6,950
Accumulated depreciation - vehicle 9,250
Marketing expenses 510
Capital - Jai Lee 18,500
Cash at bank 8,445
Office equipment 9,250
Depreciation expense - office equipment 1,650
Depreciation expense - vehicle 2,750
Drawings 5,520
Bank loan 4,500
Vehicle 26,750
Vehicle expense 330
Office supplies 1,625
Office supplies used 840
Mobile phone charges 255
Legal services fees earned 9,750
Required -
a) Provide a Statement of Profit or Loss for the year ended 30 September 2020.
b) Explain to Jai Lee how the Statement of Profit or Loss and Statement of Financial Position can be used to help better manage his business. Provide examples.
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