2020 PHS 3E POA EOY P2 Q1
1 Wei runs a grocery business, Wei Daily. The following were the balances extracted from his ledger on 30 September 2020.
$ | |
Advertising | 4 400 |
54 910 | |
Cash at bank | 2 300 |
Cash in hand | 120 |
56 400 | |
300 | |
220 | |
4 630 | |
Fixtures and fittings | 18 000 |
Interest expense | 360 |
17 200 | |
Loan from bank | 10 000 |
Motor vehicles | 40 000 |
Rent expenses | 12 000 |
2 500 | |
95 500 | |
Stationery | 480 |
Trade payables | 25 300 |
Trade receivables | 18 240 |
Wages and salaries | 9 000 |
Additional information
1. One fifth of the loan from bank is repayable on 30 June 2021.
2. On 30 September 2020, Wei used his personal cheque to pay for maintenance of motor vehicles, $1 200. This has yet to be recorded.
REQUIRED
a. Prepare the statement of financial performance for the year ended
30 September 2020.
[10]
b. Prepare the statement of financial position as at 30 September 2020.
[10]
[TOTAL 20]