Financial Statements of a Sole Proprietorship – Practice Question 04
This question has been extracted from the G.C.E O/L Grade 11 test book – Activity 06 page no. 94.
The trial balance of Nadeeka’s business as at 31.12.20xx is given below.
- Closing stock as at 31.12.20xx is Rs. 40 000
- Accrued expenses as at 31.12.20xx
Insurance expenses 2 000
Sales promotional expenses 3 000
- Building and equipment must be depreciated at 5% per annum.
1. Profit or Loss Statement for the year ended 31.12.20xx
2. Statement of Financial Position as at 31.12.20xx.