Financial Statements of a Sole Proprietorship – Practice Question 06

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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.

Trial Balance 2018

P/L of 2018 OL

 

Statement of Financial Position 2019

Additional information

  1. Stock as at 31.12.2016 is Rs. 25 000
  2. Distribution vehicle should be depreciated annually at 10% on the straight-line method
  3. 1 200 has been decided to write off as bad debts.
Categories: Accounting

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