QUESTION 1 From the following is the trial balance of WILLIE ENTERPRISE Company as at...
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QUESTION 1 From the following is the trial balance of WILLIE ENTERPRISE Company as at 31 January 2018. PARTICULARS DR (RM) CR (RM) 52.800 1,350 5,840 276 5,178 22,000 80,000 5.875 550 100 605 STOCK ON 1ST JAN 2018 CARRIAGE OUTWARDS CARRIAGE INWARDS RETURN INWARDS RETURN OUTWARDS PURCHASES SALES SALARIES & WAGES RENT INSURANCE MOTOR EXPENSES OFFICE EXPENSES LIGHTING & HEATING EXPENSES GENRAL EXPENSES BUILDING VAN FURNITURE ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE CASH DRAWING CAPITAL 400 300 400 8.000 2.500 818 4.000 4,000 1.000 3.000 20,636 CLOSING STOCK AT 31 JAN 2018 7,842 a) Draw up a Statement of Comprehensive Income for the year ending 31 JANUARY 2018 and a Statement of Financial Position on that date. (15 marks) b) Calculate the following ratios: i. Current ratio (1 mark) 1. Acid test ratio (1 mark) iii. Debt to equity ratio (1 mark) iv. Debtors turnover ratio (times) (1 mark) v. Creditor turnover ratio (times) (1 mark)
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