2020 SACSS 3N POA EOY P2 Q1
1 The following are balances extracted from the books of Putri Gift Shop on 31 March 2020
$ | ||
Advertising expense | 37 450 | |
Cash at bank | 3 600 | Cr |
Cash in hand | 1 100 | |
2 500 | ||
202 950 | ||
101 000 | ||
29 000 | ||
Fixtures and fittings | 64 900 | |
Capital, 1 April 2019 | 135 230 | |
Loan from May Bank (repayable 2023) | 40 000 | |
1 380 | ||
Property | 170 000 | |
Trade payables | 25 200 | |
Trade receivables | 12 100 | |
550 | ||
Rental income | 22 000 | |
Commission income | 12 000 | |
Salary expense | 1 000 |
Additional information on 31 March 2020:
1. Commission income was received in advance $3100.
2. Salary expense $1500 was paid by cheque.
3. The owner took goods worth $880 for personal use. This has not been recorded in the books.
4. One quarter of the loan from May Bank is to be repaid on 30 September 2020.
REQUIRED
a. Prepare the statement of financial performance of Putri Gift Shop for the year ended 31 March 2020.
[8]
b. Prepare the statement of financial position of Putri Gift Shop as at 31 March 2020.
[12]
[TOTAL 20]