Financial Statements of a Sole Proprietorship – Question Practice 07

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This question has been extracted from the year 2019 G.C.E. Ordinary LevelĀ  Business and Accounting Studies paper. This is question number 7 (iii).

Question

The trial balance of Sanka’s retail business as at 31.12.2018 is as follows.

Additional information

  1. Stock as at 31.12.2018 is Rs. 22 000
  2. The building should be depreciated annually at 20% on the straight-line method
  3. Accrued electricity chargers as at 31.12.2018 is Rs. 1 000

 

Required:

(a) The Statement of Profit or Loss for the year ended 31.12.2018

(b) The Statement of Financial Position for the year ended 31.12.2018

 

Answer

Categories: Accounting

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