Question

The following trial balance was taken from the books of a sole trader for the year ended s31st Dec 2003: -

Account balances Purchase & Revenue Carriage inwards Drawings Rent, rates & insurance Postage Stationery Capital Machinery Buildings Furniture & Fittings Trade Receivable & Payable Commission received Opening inventory Cash at bank Cash in hand QS FB Discount allowed and received Bad debt (Irrecoverable debts) Salaries & Wages Advertising Carriage outwards Returns inwards & outwards Total Debit S 92 300 P 5 200 5.000 4 500 3 000 2 700 55 000 45 000 15 000 14 500 1 000 2 500 1 800 250 800 22 120 1850 1 200 800 2 74 520 Credit S 1 90 300 R 59 400 13 200 7 000 3 920 Consider the following points at 31st December 2003:- • The closing inventory was valued at $ 12 400 You are required to prepare at 31st December 2003:- a. The Income statement b. The Position statement 700 2 74 520​

Answer 1

Mawaleh Traders Income Statement For the Period Ended May 31, 2018 Sales $ 140,185 Less Sales return 780 Net sales 139,405 Less Cost of sales.