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.
Quick NetOne, Telecel, Africom, And Econet Airtime Recharge
If anything goes wrong, chat with us using the chat feature at the bottom right of this screen