Financial Statements of a Sole Proprietorship – Practice Question 04

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This question has been extracted from the G.C.E O/L Grade 11 test book – Activity 06 page no. 94.

Question

The trial balance of Nadeeka’s business as at 31.12.20xx is given below.

Additional information;

  1. Closing stock as at 31.12.20xx is Rs. 40 000
  2. Accrued expenses as at 31.12.20xx

Insurance expenses 2 000

Sales promotional expenses 3 000

  1. Building and equipment must be depreciated at 5% per annum.

Required:

1. Profit or Loss Statement for the year ended 31.12.20xx

2. Statement of Financial Position as at 31.12.20xx.

Answer

 

 

 

 

Categories: Accounting

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