2020 SASS 3E POA EOY P2 Q4

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

Sales revenue 

325 000

Sales returns 

2 400

Cost of sales

94 300

Wages and salaries

78 960

Equipment repairs 

5 600

General expenses 

39 700

Commission income 

1 000

Discount received 

600

Trade receivables 

20 000

Trade payables

13 480

Cash at bank 

24 300

Inventory 

41 320

Capital 

120 000

Drawings 

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]

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