3. You were given the following details for the month of June, 2021. Trial balance as at 30 June, 2021 for C Wapa Mwamba

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3 You Were Given The Following Details For The Month Of June 2021 Trial Balance As At 30 June 2021 For C Wapa Mwamba 1 (125.24 KiB) Viewed 32 times

3. You were given the following details for the month of June, 2021. Trial balance as at 30 June, 2021 for C Wapa Mwamba Cr 28,794 Dr (K) Sales Purchases 23,803 Rent 854 Lighting and heating expenses 422 Salaries and wages 3,164 Insurance 105 Buildings 50,000 Fixtures 1,000 Debtors 3,166 Sundry Expenses 506 Creditors Cash at bank 3,847 Drawings 2,400 Motor vans 5,500 Motor running expenses 1,133 Capital Total 95,900 Stock at June 30, 2021 was K4, 166 1,206 65,900 95,900 Required: a) What are the three basic financial statements found in final accounts of a business; and state the information that is found in each one of them? 5 marks b) Define a trial balance, and state its importance. 5 marks c) From the above trial balance of C Wapa Mwamba, after his first year's trading, you are required to draw up the statements of profit or loss and other comprehensive income for the period ended June 30, 2021, and the statement of financial position as at June 30, 2021 15 marks (Total: 25 Marks)