2020 SMSS 3N POA EOY P2 Q2
2 The following balances were extracted from the books of Ian Supplies for the financial year ending 31 August 2020:
Additional information
1. Annual rent was $24 000.
2. The insurance expense of $220 was still owing.
3. Ian, the owner, took out goods costing $100 for his own use but no record had been made.
4. A credit sale of $8 500 was made but not recorded. The cost of sales was $3 200.
5. The business paid its supplier a cheque of $4 830 in full settlement of a debt of $4 900.
6. Commission income of $50 was earned but not yet collected.
REQUIRED
a. Prepare the statement of financial performance for the year ended 31 August 2020.
[9]
b. Prepare the statement of financial position as at 31 August 2020.
[15]
[TOTAL 24]