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    HBL 26 Jan 24 FS

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    ihsanaziz
    htrnhthtyny

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    HBL 26 Jan 24 FS

    Uploaded by

    ihsanaziz
    9 views3 pages
    htrnhthtyny

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    htrnhthtyny

    Copyright:

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    Download as docx, pdf, or txt
    9 views3 pages

    HBL 26 Jan 24 FS

    Uploaded by

    ihsanaziz
    htrnhthtyny

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
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    Bendemeer Secondary School

    Principles of Accounts
    Secondary 4 Express (2024)
    HBL : Financial statements Worksheet 2
    Name: ______________________ ( ) Class: ____ Date: 26 Jan 2024

    BEATTY 4E PRELIM 2022 ( adapted )


    Console Gamme is a business that sells gaming consoles. The following balances
    were extracted from the business on 30 June 2022.
    $

    Capital 98 760

    Drawings 560

    Office equipment at cost 46 000

    Motor vehicles at cost 92 000

    Accumulated depreciation

    Office equipment 8 100

    Motor vehicles 26 000

    Trade payables 9 050

    Trade receivables 7 250

    Cash at bank 14 000

    Inventory 23 300

    Cost of sales 39 700

    Salaries 11 800

    Loan interest 6 000

    Rent 15 000

    Discount allowed 2 700

    Commission income 1 500

    Sales revenue 88 900

    Sales returns 4 300

    1
    Allowance for impairment of trade receivables 300

    Bank loan (repayable 2025) 30 000

    Additional information at 30 June 2022.

    1 The depreciation policy for the non-current assets are as follows:

    (i) Office equipment use the straight-line method where scrap value is $1 000 and
    useful life is 9 years.

    (ii) Motor vehicles use the reducing-balance method at 15% per annum.

    2 A purchase invoice, $2 800, was omitted from the books.

    (Hint: Purchase invoice means buy goods on credit)

    3 10% of the trade receivable balance was estimated to be uncollectible.

    4 $600 loan interest was outstanding.

    5 Monthly rental expense was $1 200.

    6 Commission income of $500 for the month of Jun 2022 is due.

    7 Annual salaries amounted to $12 000

    ( Hint: Annual amt refers to the TOTAL amount that must be paid )

    8 1/5 of the bank loan is repayable on 30 June 2023.

    REQUIRED

    (a) Prepare the statement of financial performance for the year ended
    30 June 2022. [10]

    (b) Prepare the statement of financial position as at 30 June 2022.

    [Total: 20]

    2
    3

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