The following Trial Balance was taken from the ledger of F. Jackline, a sole trader, on 31st December 2002
Kshs
Kshs
Capital
40,000
Purchases
26,154
Sales
36,246
Salaries
4,814
Stock
4,307
Insurance
820
Rent
965
Buildings
25,000
Furniture
14,500
Debtors
6,140
Other expenses
1,060
Creditors
4,638
Commission
_____
__946
82,795
82,795
Adjustments:
Salaries due at the end of year 2012 was Kshs 350
Insurance was paid for one year up to 31st March 2013.
Rent received for January 2013, Kshs 165
Commission accrued but not yet received, Kshs 120
Furniture to be depreciated by 10%.
5% of debtors are doubtful.
Stock on 31st December 2012 was valued at Kshs 5,008.
Required:
i) Income statement for the year ended 31st December 2002
ii) Statement of financial position as at 31st December 2002
1 answer