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4 marks
4 marksAmadi prepared the following trial balance at 31 March 2023.
Amadi
Corrected Trial Balance at 31 March 2023
Debit | Credit | |
$ | $ | |
Fittings and equipment at cost | 30 000 | |
Provision for depreciation of fittings and equipment | 7 500 | |
Trade receivables | 6 100 | |
Bank overdraft | 3 106 | |
Trade payables | 3 485 | |
Capital | 20 000 | |
Sales | 73 250 | |
Purchases | 41 785 | |
Discount received | 1 990 | |
Sales returns | 3 390 | |
Carriage inwards | 1 223 | |
General expenses | 6 430 | |
Rent and rates | 7 380 | |
Drawings | 9 500 | |
Inventory | 3 752 | |
Suspense | 229 | |
109 560 | 109 560 |
Inventory at 31 March 2023 was $3 965.
REQUIRED
Prepare the trading section of Amadi’s income statement for the year ended 31 March 2023
Amadi
Income Statement (trading section) for the year ended 31 March 2023
$ | $ | |
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