Financial Statements of a Sole Proprietorship – Practice Question
This question has been extracted from the G.C.E O/L Grade 11 test book – Activity 10 page no. 66.
The accounting period of Bimali’s business ends on 31.12.20xx. The trial balance as at 31.12.20xx is given below.
Assume that the entire stock has been sold out.
01. The profit or loss statement for the year ended 31st December 20xx
02. The Statement of Financial Position as at 31st December 20xx