Baruch Enterprises Limited is a Book-seller dealing in books and stationery...
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Accounting
Baruch Enterprises Limited is a Bookseller dealing in books and stationery from various suppliers. One of their big customers are government schools where deliveries are done by the company. The following trial balance at May was prepared by an inexperienced Accounting Student on industrial attachment. The following additional information was provided: i The directors proposed to transfer K of the profits to the general reserve. Closing inventory at May was Kii Salaries amounting to K were outstanding at the end of the period. iii Rent was prepaid by K for the first three months of iv Straight line depreciation for the year is to be provided as follows: Motor vehicles Fixtures and fittings v Taxation is to be ignored. Required: a Prepare a corrected trial balance as at May, b Prepare a Statement of Profit and Loss for the year ended May for internal purposes. c Prepare a Statement of Financial Position as at May
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