Principles of Accounts

Name and Index No: Class:

Date
Topic: Other Incomes + Other Expenses (Financial statement)
Level: Sec 3 Express / Normal Academic
Reference: Term ___ Week ___ Test 4

1. The following balances were extracted from the books of Bryan on 30 June 2018.

$
Trade receivables 13 000
Cash in hand 2 000
Inventory 5 410
General expense 3 200
Stationery expense 4 819
Insurance 1 500
Discount received 200
Commission income 1 800
Motor vehicles at cost 85 000
Office equipment at cost 15 500
Salaries 24 516
Cost of sales 11 250
Drawings 200
Capital, 1 July 2017 55 120
Bank loan 45 000
Sales revenue 63 466
Sales returns 2 216
Trade payables 2 345
Bank overdraft 680

Additional information

1. Bryan withdrew office equipment worth $500 for personal use and this was not
recorded in the books.
2. A payment of $410 for stationery expenses was wrongly recorded as inventory
during the year.
3. General expenses of $700 were outstanding at 30 June 2018.
4. Insurance has been prepaid by $400.

REQUIRED
(a) Statement of financial performance for the year ended 30 June 2018. [10]

(b) Statement of financial position as at 30 June 2018. [10]

(GP$50 000, Profit for the year $17 255, Total assets, $120 400, Capital $ 71 675)

1
 Principles of Accounts
Name and Index No: Class:
Date
Topic: Other Incomes + Other Expenses (Financial statement)
Level: Sec 3 Express / Normal Academic
Reference: Term ___ Week ___ Test 5

2. The following balances were extracted from the books of Rock Café on 30 May 2019.

$
Trade receivables 57 000
Inventory 6 100
Insurance 5 100
Rent income 5 800
Motor vehicles at cost 70 000
General expense 7 200
Fixtures and Fittings at cost 20 000
Wages and salaries 6 500
Cost of sales 17 940
Drawings 460
Capital, 1 June 2018 58 260
Bank loan 34 000
Sales revenue 89 700
Sales returns 1 250
Bank overdraft 3 790

Additional information

5. Drawings of the goods worth $120 by owner for personal use has not been recorded in
the books.
6. Cheque of $2 000 received from trade receivable Depp has not been recorded.
7. Bank charges of $50 stated on bank statement have not been recorded in the accounts.
8. Wages and salaries was paid for 13 months up to 30 June 2019.
9. Rent income received in advance amounted to $200.

REQUIRED

(a) Prepare statement of financial performance for the year ended 30 May 2019. [10]

(b) Prepare statement of financial position as at 30 May 2019. [10]

(GP$70 510, Profit for the year $57 760, Total assets, $151 480, Capital $115 440)