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]