2020 PHS 3N POA EOY P2 Q1

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

Cost of sales

52 200

Discount allowed

660

Discount received

1 080

Drawings

7 000

Fixtures and fittings

13 000

Interest expense

2 880

Inventory

21 400

Mortgage loan from Lloyd’s Bank

100 000

Motor vehicles

190 000

Rental income

5 400

Salaries

9 600

Sales returns

3 100

Sales revenue

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]

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