Question
The following balances were extracted from the books of Oloo Traders for the year ended 31st December 2004
Rent 48,000
Water 9,220
Stock 22,250
Salaries 72,500
Motor vehicles 2,300,000
Gross profit 320,000
General expenses 98,000
Furniture 650,000
Electricity 7,200
Discount received 8,500
Discount allowed 4,600
Debtors 270,000
Creditors 396,400
Commission received 9,870
Cash 50,000
Capital 3,000,000
Bank 200,000
Required: Prepare
(i) Profit and Loss account for the year ended 31st December 2004.
(ii) Balance Sheet as at 31st December 2004.
Rent 48,000
Water 9,220
Stock 22,250
Salaries 72,500
Motor vehicles 2,300,000
Gross profit 320,000
General expenses 98,000
Furniture 650,000
Electricity 7,200
Discount received 8,500
Discount allowed 4,600
Debtors 270,000
Creditors 396,400
Commission received 9,870
Cash 50,000
Capital 3,000,000
Bank 200,000
Required: Prepare
(i) Profit and Loss account for the year ended 31st December 2004.
(ii) Balance Sheet as at 31st December 2004.
Answer
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