The trial balance of Ahoofe Enterprises as at 31st December 2020 was as follows:
|
Dr GH¢ |
Cr GH¢ |
|
| Fixtures and fittings | 120,000 | |
| Motor Vehicle | 44,000 | |
| Debtors and creditors | 9,400 | 7,600 |
| Purchases | 184,900 | |
| Salos | 60,300 | 2,500 |
| Discounts | 2,900 | |
| Electricity | 3,100 | |
| Stock (1/1/2020) | 16,300 | |
| Cash | 54,600 | |
| Carriage inward | 4,000 | |
| Distribution expenses | 2,200 | |
| Returns | 4,500 | 3,000 |
| Rent | 24,000 | |
| Interest expenses | 3,500 | |
| Loan | 30,000 | |
| Capital | 121,200 |
349,200 349,200
Additional information:
(i) Depreciation for all fixed assets is at 15% per annum on cost;
(ii) Electricity prepaid was GH¢ 640 and rent in arrears was GH¢ 12,000;
(iii) Closing stock was valued at GH¢ 24,200.
You are required to prepare:
(a) Trading, Profit and Loss Account for the year ended 31st December 2020,
(b) Balance Sheet as at 31st December 2020.
Ahoofe Trading, Profit and Loss account for the year ended 31st December 2020
| Dr | Cr | ||
| GH¢ |
GH¢ |
||
| Opening stock | 16,300 | Sales | 184,900 |
| 60,300 | Less return inward | 4,500 | |
| Add purchases | 4,000 | 180,400 | |
| 80,600 | |||
| 3,000 | |||
| Less return outward | 77,600 | ||
| Cost of goods available for sale | 24,200 | ||
| Less closing stock | 53,400 | ||
| Cost of goods sold | 127,000 | ||
| 180,400 | 180,400 | ||
| 18,060 | |||
| Depreciation fixture | 6,000 | ||
| Motor Vehicle | 2,460 | ||
| Electricity | 2,900 | ||
| Discount allowed | 2,200 | ||
| Distribution expenses | 24,000 | ||
| Rent | 3,500 | ||
| Interest expenses | 69,780 | ||
| 129,500 | 129,500 |
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