Financial Statements of a Sole Proprietorship – Practice Question 06
This question has been extracted from the year 2018 G.C.E Ordinary Level Business and Accounting Studies paper. This is question number 7 (iii).
The trial balance of Kavindu’s for the year ended 31.12.2017 is as follows.
- Stock as at 31.12.2016 is Rs. 25 000
- Distribution vehicle should be depreciated annually at 10% on the straight-line method
- 1 200 has been decided to write off as bad debts.