O-LevelAccountingPreparation of financial statementsOct/Nov 2020Paper 2 Q320 Marks
Haziq has not maintained full accounting records for his business. Haziq provided the following information for the year ended 31 July 2020. At 1 August 2019 $ At 31 July 2020 $ Bank loan 6000 4500 Inventory 8400 ? Non-current assets at net book value 35580 32450 Rent prepaid 240 Trade payables 6280 7460 Wages accrued 610 Summary of bank account for the year ended 31 July 2020 Date Details $ Date Details $ 2020 2019 July 31 Sales receipts 166000 Aug 1 Balance b/d 2150 Balance c/d 6600 2020 July 31 Payments to credit suppliers 96 220 Bank loan repayments 1500 Bank loan interest 300 Rent 2640 Wages 41400 General expenses 10890 Drawings 17500 172600 172600 Additional information 1 The gross margin was 40%. 2 All sales were for cash and all cash received was banked.
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