Question 3 (25 Marks) The following balances belong to Love-More Trading as at 3

Question

Question 3 (25 Marks) The following balances belong to Love-More Trading as at 31 January 2018. N$ Bank 14 500 Salary 16 500 Creditor 10 800 Sales 125 800 Inventory 01.02.2017 1 220 Purchases 38 700 Inventory 31.01.2018 2 500 Carriage Inwards 430 Capital 10 000 Transport 1 850 Motor Vehicle – cost 25 800 Drawings 44 800 Stationery Expense 3 140 Depreciation Expense 3 880 Accumulated Depreciation 6 800 Carriage outwards 1 740 Wages 890 REQUIRED: a) Prepare statement of comprehensive income as at 31 January 2018 b) Prepare statement of financial position as at 31 January 2018

Explanation / Answer

statement of financial position

as at 31 January 2018

capital =total asset-liabilities

statement of financial position

as at 31 January 2018

Bank 14500 Inventory 2500 Total current asset 17000 Non current asset Motor Vehicle – cost 25800 Accumulated Depreciation (6800) 19000 Total asset 36000 Liabilities and stockholders equity Creditor 10800 capital [36000-10800] 25200 Total Liabilities and stockholders equity 36000

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