Instructions
You are provided below the Trial Balance of Martina Adaja Business for the year ended 31 December 2019.
You are required to
Prepare Martina Adaja Statement of Profit or Loss (Income Statement) for the year ended 31 December 2019 and his Statement of Financial Position as at 31 March 2019.Comment on the financial statements you have just prepared on Nicholas’s levelof profitability, drawings and performance for the period.
Question
Martina Adaja has been trading for a number of years as a IT supplier. The following list of balances has been extracted from his ledger as at 31 Dec 2019, the end of his most recent financial year.
Dr (£)Cr(£)Capital45666Opening Stock18050Purchases74285Sales149420Rent & Rates7340Cash920Bank Overdraft13200Debtors14375Creditors8056Wages and Salaries43900Heating and Lighting3210Insurance1645General expenses2550Motor Vehicles at cost30000Provision for Depreciation Motor Vehicle3000Fixture and Fitting at cost11000Provision for Depreciation Fixtures and Fittings4000Motor Vehicle expenses4567Drawing11500223342223342The following information is as at 31th Dec 20191. Closing Stock is valued at £201452. General expenses are accrued by£1753. Rent & Rates are prepaid £5454. Heating & Lighting accrued by £2005.Insurance prepaid £3206. Depreciation Charge for Motor Vehicle £67507.Depreciation Charge on Fixtures and Fitting£1100[Button id=”1″]
Quality and affordable writing services. Our papers are written to meet your needs, in a personalized manner. You can order essays, annotated bibliography, discussion, research papers, reaction paper, article critique, coursework, projects, case study, term papers, movie review, research proposal, capstone project, speech/presentation, book report/review, and more.
Need Help? Click On The Order Now Button For Help
What Students Are Saying About Us
.......... Customer ID: 12*** | Rating: ⭐⭐⭐⭐⭐"Honestly, I was afraid to send my paper to you, but splendidwritings.com proved they are a trustworthy service. My essay was done in less than a day, and I received a brilliant piece. I didn’t even believe it was my essay at first 🙂 Great job, thank you!"
.......... Customer ID: 14***| Rating: ⭐⭐⭐⭐⭐
"The company has some nice prices and good content. I ordered a term paper here and got a very good one. I'll keep ordering from this website."
