2020 SASS 3E POA EOY P2 Q4
4 The following balances were extracted from the books of Damien’s business on 31 July 2020.
$ | |
Equipment | 196 000 |
Motor vehicles | 84 000 |
Loan from bank | 128 240 |
325 000 | |
2 400 | |
94 300 | |
Wages and salaries | 78 960 |
Equipment repairs | 5 600 |
General expenses | 39 700 |
Commission income | 1 000 |
600 | |
Trade receivables | 20 000 |
Trade payables | 13 480 |
Cash at bank | 24 300 |
41 320 | |
120 000 | |
1 740 |
Additional information
1. General expenses, $350 were paid in advance.
2. Wages and salaries, $560, were owing.
3. Commission income receivable at 31 July 2020 was $1 500.
4. No record had been made of inventory, $300, taken by Damien for his own use during the year.
REQUIRED
a. Prepare the statement of financial performance for the year ended 31 July 2020.
[8]
b. Prepare the statement of financial position at 31 July 2020.
[12]
[TOTAL 20]