Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Sole Trader: Simple Statement of Financial Position Example 2
From the following trial balance of J Nhiwatiwa after his first year’s trading, you are required to
draw up a trading and profit and loss account (Income Statement) for the year ended 30 June 20X8 as well as Statement of Financial Position as at 30 June 20×8
|Lighting and heating expenses||530|
|Salaries and wages||51,400|
|Cash at bank||14,590|
|Motor running expenses||4,110|
Stock at 30 June 20X8 was $16,280.
- The Trading and Profit and Loss Account(Income Statement) solution for this question can be found here.
Statement of Financial Position as at 30 June 20×8
|Total Fixed Assets||102500|
|Total Current Assets||62170|
|Less: Current Liabilities|
|Capital (opening balance)||114202|
|Add Net Profit||
To access more topics go to the Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes.