Additional Info:
Stock at 31 December 2008 at cost
was valued at $70,000.
Rent was $24,000 per annum. As at
the end of the year, December rent was unpaid.
Insurance paid included amount of
$500 for the period January to March 2009.
Fixed assets are to be
depreciated as below:
-office
equipment 10% annum on cost
-motor
vehicles 30% per annum on reducing balance method
5. An invoice issued to
a credit customer for $3,000 was left out from the account by
mistake.
Prepare a statement of profit and
loss for the year ended 31 December 2008.
Prepare a Balance sheet as at 31
December 2008.
Answer from a forumer ( i
haven't really gone through thoroughly so please point out any
mistakes made)
