2020 PHS 3N POA EOY P2 Q1
1 Jaznita Juices provided the following balances on 31 August 2020.
$ | |
Capital, 1 September 2019 | 82 000 |
Cash at bank (Credit balance) | 5 360 |
Commission income | 10 640 |
52 200 | |
660 | |
1 080 | |
7 000 | |
Fixtures and fittings | 13 000 |
Interest expense | 2 880 |
21 400 | |
Mortgage loan from Lloyd’s Bank | 100 000 |
Motor vehicles | 190 000 |
Rental income | 5 400 |
Salaries | 9 600 |
3 100 | |
115 500 | |
Stationery | 1 500 |
Trade payables | 15 900 |
Trade receivables | 30 540 |
Utilities | 4 000 |
Additional information
1. A fire broke out early in the morning of 31 August 2020 and destroyed goods worth $3 400. This has not been recorded by the business.
2. $20 000 of the bank loan was due for repayment on 1 March 2021.
REQUIRED
a. Prepare the statement of financial performance for the year ended 31 August 2020.
[11]
b. Prepare the statement of financial position as at 31 August 2020.
[13]
[TOTAL 24]