Write Statement of Comprehensive Income for the year ended 31st March 2022

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Financial statement

Assignment 2

  1. On 31st March, 2022 the following Trial Balance was extracted from the books of Mr. Ben.
Debit Balances Rs Credit Balances Rs.
Sundry Debtors 20,100 Capital 28,000
Drawings   3,000 Loan on Mortgage   9,500
Bills receivables   6,882 Rent received   250
Interest on Loan 300 Bill Payable 2,614
Cash at Bank 3,555 Sales 110,243
Motor Van   10,000 Sundry creditors   10,401
Stock on 1st April 6,839 Provision for bad debts   710
Cash in hand 2,050 Return outwards 1,346
Land and building   12,000
General expenses 3,489
Advertising expenses 3,264
Rent, rates and insurance 2,891
Salaries 9,097
Bad debts     525
Purchases 66,458
Return inwards   7,821
Carriage inwards 2,929
Carriage outwards 2,404
Total 163,604 Total 163,604

 

Adjustments:

(i). Closing stock is valued at Rs. 7,250

(ii). Depreciate Land and Building at 2%, Motor van at  15%

(iii). Salaries Rs. 750 and rates Rs. 350 are outstanding.

(iv). Goods costing Rs. 2,000 were taken by proprietor for private use, had been treated as credit  sales.

(v). Prepaid insurance Rs. 270.

(vi). Provision for Bad debts is to be maintained at 5% on Debtors.

(vii). Provide interest on loan on mortgage 8% p.a. for 6 months.

You are required to prepare:

(a). Statement of Comprehensive Income for the year ended 31st March 2022    (15  Marks)

(b). Statement of Financial Position as at 31st March 2022    (10 Marks)