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Bank loan 200,000

Trial Balance as on January 31,2022 \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{c|}{ Accounts } & \multicolumn{1}{c|}{ DR } & CR \\ \hline Bank & 37,500 & \\ \hline Purchases & 273,500 & \\ \hline Insurance & 7,500 & \\ \hline Cash & 116,500 & \\ \hline Drawings & 10,000 & \\ \hline Rental Income & & 150,000 \\ \hline All Traders Co. & & 160,000 \\ \hline Sales & & 175,000 \\ \hline Wages & 25,000 & \\ \hline Electricity & 15,000 & \\ \hline Total & 485,000 & 485,000 \\ \hline \end{tabular} The following information is also available for January 31, 2022 1 Wanna Be Rich Trading uses the accruals basis to prepare its books of accounts. 2 Wanna Be Rich Trading adopts a depreciation policy to depreciate all non-current assets at the rate of 1% per month on a straight-line basis. 3 The bank loan attracts an interest of 24% per annum, payable every six months on June 30 and December 31 each year. 4 Richie Richer gave a personal friend clothes valuing $25,000 5 A manual stock count revealed that on January 31, 2022, Wanna Be Rich Trading has closing inventory of $60,000. 6 Richie Rich received a bank statement from his bankers on Jan. 31, 2022 (Appendix 1) 8 Prepare the statement of Profit or Loss for the period ending January 31,2022 9 Prepare the Statement of Financial Position on January 31, 2022 Presentation Wanna Be Rich Trading, owned by Richie Richer, sells casual wear for both men and women. He ended trading on December 31,2021 with the following assets and liabilities: 8 Prepare the statement of Profit or Loss for the period ending January 31,2022 9 Prepare the Statement of Financial Position on January 31, 2022 Presentation Trial Balance as on January 31,2022 \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{c|}{ Accounts } & \multicolumn{1}{c|}{ DR } & CR \\ \hline Bank & 37,500 & \\ \hline Purchases & 273,500 & \\ \hline Insurance & 7,500 & \\ \hline Cash & 116,500 & \\ \hline Drawings & 10,000 & \\ \hline Rental Income & & 150,000 \\ \hline All Traders Co. & & 160,000 \\ \hline Sales & & 175,000 \\ \hline Wages & 25,000 & \\ \hline Electricity & 15,000 & \\ \hline Total & 485,000 & 485,000 \\ \hline \end{tabular}

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