3. The following balances were extracted from the books of S Singh on 30 June 2002:
$
100,000
1,500
10,450
200
8,000
6,000
44,000
30,000
45,300
52,800
1,800
700
Capital
Drawings
Stock (1 July 2001)
Petty cash
Debtors
Creditors
Premises
Motor vehicles
Purchases
Sales
Returns inwards
Returns outwards
Bank (overdraft)
Insurance
Wages
Provision for depreciation of motor vehicles
Rates
Advertising
Commission
Repairs and maintenance
Discount received
9 Carriage inwards
Carriage outwards
Provision for doubtful debts
2,700
1,000
12,400
5,700
1,500
3,000
2,300
2,600
1,500
4,000
1,750
400
Additional information:
(i) Stock on 30 June 2002 was valued at $11,245.
(ii) Depreciation at a rate of 20% per annum on the net book value is to be charged on the
motor vehicles.
(iii) Wages owing at the end of the year amounted to $300.
(iv) Insurance paid was for the period 1 October 2001 to 30 September 2002.
(v) Provision for doubtful debts is to be increased to $500.
(vi) During the year, the owner withdrew goods valued at $800 from the business stock for
private use. No entries had been made in the books for the withdrawal of these goods.
You are required to prepare the:
(a) Trading and Profit and Loss Account for the year ended 30 June 2002;
(b) Balance Sheet as at 30 June 2002.