Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30 September 2020: DR CR £ £ Capital £306,070 Drawings 26,500 Cash at bank 20,000 Cash in hand 8500 Accounts receivable (Debtors) 70,000 Accounts payable (Creditors) 16,000 Inventory (Stock): 30 September 2019 36,000 Van 16,000 Fixtures and Fittings 32,000 Sales 80,000 Purchases 150,000 Return inwards (Sales Returns) 2,000 Carriage inwards 720 Returns outwards (Purchase Returns) 600 Carriage outwards 400 Motor expenses 1200 Rent 5,000 Telephone charges 620 Wages and salaries 32,000 Insurance 830 Office expenses 600 Sundry expenses 300 437,600 437,600 Inventory as at 30 September 2020 was £120,000. Required a. Draft an Income Statement for S. Keyes for the year ending 30th September 2019
Then balance off the accounts and extracted a
September 2020:
DR CR
£ £
Capital £306,070
Drawings 26,500
Cash at bank 20,000
Cash in hand 8500
Accounts receivable (Debtors) 70,000
Accounts payable (Creditors) 16,000
Inventory (Stock): 30 September 2019 36,000
Van 16,000
Fixtures and Fittings 32,000
Sales 80,000
Purchases 150,000
Return inwards (Sales Returns) 2,000
Carriage inwards 720
Returns outwards (Purchase Returns) 600
Carriage outwards 400
Motor expenses 1200
Rent 5,000
Telephone charges 620
Wages and salaries 32,000
Insurance 830
Office expenses 600
Sundry expenses 300
437,600 437,600
Inventory as at 30 September 2020
was £120,000.
Required
a. Draft an Income Statement for S. Keyes for the year ending 30th September 2019
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