Problem
T. and T, a sole trader, extracted the following trial balance from his books at the close of business on 31 January 2017.
|
DR
|
CR
|
|
Purchases and Sale
|
350 000
|
400 000
|
|
Sales Return and Purchases Return
|
5 000
|
6 200
|
|
Opening Stock
|
100 000
|
|
|
Provision for bad debt
|
|
800
|
|
Wages and salaries
|
30 000
|
|
|
Rates
|
6 000
|
|
|
Telephone
|
1 000
|
|
|
Furniture and fitting cost
|
44 000
|
|
|
Accumulated Depreciation- Furniture and Fitting
|
|
4 000
|
|
Motor vehicle-Cost
|
36 000
|
|
|
Accumulated Depreciation-Motor Vehicle
|
|
6 000
|
|
Debtor and Creditor
|
9 800
|
7 000
|
|
Bad Debt
|
200
|
|
|
Capital
|
|
179 000
|
|
Bank
|
3 000
|
|
|
Drawings
|
18 000
|
|
|
|
|
|
Total
|
603 000
|
603 000
|
i) Closing inventory at 31 January 2017 was N$ 120 000
Required: Prepare statement of comprehensive income and statement of financial position as at 31 January 2017.