OLESTION L 30 MARKS followi ing trial balance was extracted from the books of No
ID: 2431201 • Letter: O
Question
OLESTION L 30 MARKS followi ing trial balance was extracted from the books of Nokia Investment on 31 January 2018. The Trial Balance as at 31 January 2018 CR 38 800 DR Capital Petty Cash Returns Debtors and Creditors Inventory 01 February 2017 Purchases and Sales Discounts Bank 1 500 2 200 18 100 5 000 88 000 400 1 320 12 400 72 630 1 000 5 000 Motor Vehicle Expense Motor Vehicle- Cost Provision for 800 4 500 120 000 20 000 Depreciation Expense 8 400 50 ation Bad debts Provision for doubtful debts Drawi Carriage Inward Carriage Outward 550 450 52 850 52 850 TOTAL Inventory 31 January 2018 Required January 20128 NS4 300 Prepare statement of comprehensive income and statement of financial position for the year ended 3Explanation / Answer
Comprehensive Income for the year ended 31st January 2018
Particulars Amount(In $)
Nokia InvestmentComprehensive Income for the year ended 31st January 2018
Particulars Amount(In $)
Sales 172630 Less : Return -2200 Discounts -400 Net Sales 170030 Less : Cost of Goods Sold -86930 Vehicle Expense -4500 Depreciation -8400 Bad Debt -750 Carriage Outward -1450 Total Expense -102030 Net Income 68000 Cost of Goods Sold Opening Stock 5000 Add: Net Purchases 86230 (88000-1320-1000+550) Less : Closing stock -4300 86930Related Questions
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