Answer Happy

Question 1 (100 marks) From the following trial balance of R Graham, you are required to draw up the Income Statement for the year ended 30 September 2021, and a Balance Sheet as at that date. Opening inventory as at 1 October 2020 Transportation Returns inwards / returns outwards Purchases Sales Salaries and wages Rent Insurance Motor vehicles repairs expenses Office expenses Lighting and heating expenses General expenses Premises Discount allowed / discount received Motor Vehicles Fixtures and fittings Accounts Receivable Accounts Payable Cash at bank Withdrawals Capital (Owner's equity) Dr $ 2,368 510 205 11,874 3,862 304 78 664 216 166 314 5,000 500 1,800 350 1,896 2,482 1,200 33,789 Cr $ 322 18,600 600 1,631 12,636 33,789
Closing inventory as at 30 September 2021 was $2,946.