The following transactions were extracted f..

Question 1 Report

The following transactions were extracted from the books of Odis Enterprises for the year ended 31st December 2018: 0) cash received from trade debtors N100,000

i. cash paid to suppliers N72,000
ii. expenses paid during the year were: rent- N2,500, general expenses N1,800
iv. cash of N5200 was withdrawn by the proprietor for personal use.
v. fixed assets valued at N8,000 on 31st December 2017 were to be depreciated at 10 per annum

Additional information:
31st December 2017 31st December 2018
Trade debtors 11,000 13,000
Trade creditors 4,000 6,500
Rent owing - 500
Cash 12,100 30,000
Stock 15,900 17,000

You are required to prepare:
(a) Statement of Affairs as at 1st January 2018
(b) Cashbook
(c) Trading Profit and Loss Account for the year ended 31st December 2018.

Answer

ASSETS	LIABILITIES
Cash	Trade creditors
Stock	Rent owing
Fixed assets	Capital (Opening)
	Trade debtors

Date	Particulars	Amount	Date	Particulars	Amount
Jan 1	Bal b/d	12,100	Jul 1	Rent	2,500
				General Expenses	1,800
Feb 1	Sales	100,000	Oct 1	Purchase	72,000
	Debtors	100,000	Dec 1	Depreciation	800
Mar 1	Wages	8,000	Dec 31	Bal c/d	30,000
Apr 1	Purchase	10,000
May 1

ASSETS	LIABILITIES
Cash	Trade creditors
Stock	Rent owing
Fixed assets	Capital (Opening)
	Trade debtors

Date	Particulars	Amount	Date	Particulars	Amount
Jan 1	Bal b/d	12,100	Jul 1	Rent	2,500
				General Expenses	1,800
Feb 1	Sales	100,000	Oct 1	Purchase	72,000
	Debtors	100,000	Dec 1	Depreciation	800
Mar 1	Wages	8,000	Dec 31	Bal c/d	30,000
Apr 1	Purchase	10,000
May 1

Cashbook

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The following transactions were extracted from the books of Odis Enterprises for the year ended 31st December 2018: 0) cash received from trade debtors N100...