Financial Statements of a Sole Proprietorship – Question Practice 07
This question has been extracted from the year 2019 G.C.E. Ordinary Level Business and Accounting Studies paper. This is question number 7 (iii).
The trial balance of Sanka’s retail business as at 31.12.2018 is as follows.
- Stock as at 31.12.2018 is Rs. 22 000
- The building should be depreciated annually at 20% on the straight-line method
- Accrued electricity chargers as at 31.12.2018 is Rs. 1 000
(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