2020 USS 3N POA EOY P2 Q1

2020 USS 3N POA EOY P2 Q1

1 Yani, owner of Yummy Dessert House, provided the following balances for the year ended 30 June 2020.

 

$

Inventory

24 500

Cost of sales

47 200

Sales revenue

89 900

Sales returns

5 400

Salaries expense

7 350

Trade receivables

38 900

Trade payables

30 600

Utilities expense

7 610

Motor vehicles

27 200

Discount allowed

1 300

Discount received

2 090

Equipment

16 500

Rental expense

6 400

Commission income

4 320

Advertising expense

1 850

Cash at bank (overdraft)

1 920

Insurance

3 780

Repairs and maintenance expense

2 690

Bank loan

15 000

Drawings

3 150

Capital, 1 July 2019

50 000

Additional information on 30 June 2020

1. Salaries expense outstanding amounted to $1 200.

2. Insurance, $800, was prepaid.

3. Commission income of $300 was earned but not collected yet.

4. Yani had taken goods, costing $400, for her own use. No entries had been made in the accounts to record this.

5. $3 000 of the bank loan was to be repaid on 31 December 2020.

REQUIRED

a. Prepare the statement of financial performance for the year ended 30 June 2020.

[10]

b. Prepare the statement of financial position as at 30 June 2020.

[10]

[TOTAL 20]

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