please present clear working QUESTION 1 Kibipe set up a business selling keep fit...
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please present clear working
QUESTION 1 Kibipe set up a business selling keep fit equipment, trading under the name of Buy Your Biceps Shop. He put K7,000 of his own money into a business bank account and in his first period of trading, the following transactions occurred. 1) He Paid rent of shop for the period K3,500 2) He Purchased goods on credit K5,000 3) He borrowed a loan from the bank K1,000 4) He made a purchase of shop fittings for cash at K2,000 5) He Sold goods for cash at K10,000 to Jack 6) He Sold goods on credit for K 2,500 7) He made Payments for trade accounts payable K5,000 8) He received Payments from trade accounts receivable 2,500 9) He paid Interest on the loan K100 10) He incurred other expenses (all paid in cash) K1,900 11) He made of Drawings K1,500 from the business Required: 1. Extract a trial balance (15 marks) II. Extract a statements of Comprehensive Income (15 Marks) III. Statement of Financial Position (20 Marks)
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