PATRIOT ODUNARO BABATUNDE JIMOH (08038454008)
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ASSIGNMENT 3
Mawibekiri who has not kept a complete set of books for his business has been able to provide the following information.
31st December, 2017 31st December, 2018
N N
Plant and Machinery 31,500 35,350
Stock in trade 15,120 17,255
Trade Debtors 11,396 13,020
Trade Creditors 6,020 6,468
Prepayment-Rates - 350
Accruals:
Rent 910 1,750
Expenses 840 1,050
Additional information:
i. A summary of his cash transactions for the year is shown below:
|
|
Cash Book |
|
|
|
N |
|
N |
|
|
Balance b/f |
1,834 |
Creditors |
119,112 |
|
Cash Sales |
116,592 |
Wages |
18,669 |
|
Debtors |
57,134 |
Rent |
5,250 |
|
Rates |
1,750 |
||
|
Expenses |
11,382 |
||
|
New Machinery |
7,000 |
||
|
Drawings |
7,560 |
||
|
Balance c/d |
4,837 |
||
|
175,560 |
|
175,560 |
|
|
Balance b/d |
4,837 |
|
|
ii. Details of discounts are as follows:
Allowed N2,205 and Received N4,578
You are required to prepare:
(a) Opening Statement of Affairs.
(b) Trading, Profit or Loss Account for the year ended 31st December, 2018.
(c) A Statement of Financial Position as at that date.
INSTRUCTION:
FOR FULL-TIME:TO BE SUBMITTED ON OR BEFORE MONDAY OCTOBER 19, 2020 AROUND 9A.M
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