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    Fatima Is A Sole Trader

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    school of school
    Fatima prepares her financial statements annually to March 31. Her ledger balances at March 31, 2022 included revenue of $79,400, purchases of $36,500, and rent and rates of $9,000. Her inventory was $3,120, fixtures and equipment cost $80,000 with accumulated depreciation of $39,040, and trade receivables were $6,400. Additional information provided includes goods taken for personal use of $1,300, accrued wages of $800, and prepaid rent of $1,500.

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    Fatima Is A Sole Trader

    Uploaded by

    school of school
    348 views1 page
    Fatima prepares her financial statements annually to March 31. Her ledger balances at March 31, 2022 included revenue of $79,400, purchases of $36,500, and rent and rates of $9,000. Her inventory was $3,120, fixtures and equipment cost $80,000 with accumulated depreciation of $39,040, and trade receivables were $6,400. Additional information provided includes goods taken for personal use of $1,300, accrued wages of $800, and prepaid rent of $1,500.

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    Fatima is a sole trader

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    Fatima prepares her financial statements annually to March 31. Her ledger balances at March 31, 2022 included revenue of $79,400, purchases of $36,500, and rent and rates of $9,000. Her inventory was $3,120, fixtures and equipment cost $80,000 with accumulated depreciation of $39,040, and trade receivables were $6,400. Additional information provided includes goods taken for personal use of $1,300, accrued wages of $800, and prepaid rent of $1,500.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    348 views1 page

    Fatima Is A Sole Trader

    Uploaded by

    school of school
    Fatima prepares her financial statements annually to March 31. Her ledger balances at March 31, 2022 included revenue of $79,400, purchases of $36,500, and rent and rates of $9,000. Her inventory was $3,120, fixtures and equipment cost $80,000 with accumulated depreciation of $39,040, and trade receivables were $6,400. Additional information provided includes goods taken for personal use of $1,300, accrued wages of $800, and prepaid rent of $1,500.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Fatima is a sole trader. She prepares her financial statements to the end of March each year.

    At 31 March 2022, Fatima’s ledger account balances included the following.

    $
    Revenue 79 400

    Sales returns 3 970

    Purchases 36 500

    Rent and rates 9 000

    Wages 10 100

    General expenses 1 287

    Insurance 1 800

    Discount received 1 095

    Inventory at 1 April 2021 3 000

    Fixtures and equipment at cost 80 000

    Fixtures and equipment – provision for depreciation 39 040

    Trade receivables 6 400

    Trade payables 4 995

    Provision for doubtful debts 156

    Cash drawings 8 580

    Capital at 1 April 2021 59 000

    The following information is also available.

    1 Inventory at 31 March 2022 was $3120.

    2 Fatima took goods for her own use from the business during the year ended 31 March
    2022. These goods cost $1300.

    3 Depreciation on fixtures and equipment is to be charged at 20% per annum using the
    reducing balance method.

    4 Accrued wages at 31 March 2022 were $800.

    5 Rent includes a payment of $1500 for the 3 months from 1 March 2022 to 31 May 2022.

    6 An irrecoverable trade receivable of $200 is to be written off.

    7 The provision for doubtful debts is to be set at 3% of trade receivables.

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