Question 1

Gibson store has the following Trial Balance as at 30 April 2010.

Dr Cr
N$ N$
Capital 12 500
Debtors 10 000
Creditors 11 250
Purchases 45 500
Land & Building at cost 70 000
Sales 149 000
Furniture at cost 6 500
Motor vehicles 22 000
Rent 11 000
Lighting and heating 5 000
Discount allowed 1000
Bad debts 3 000
Accumulated depreciation: Furniture 1 000
Accumulated depreciation: Vehicles 1 250
Provision for bad and doubtful debts 350
Bank 2 300
Bank Loan 13 000
Discount received 150
Returns inward 200
Inventory at as 1 May 2009 11 100
Subscription 900
Total 188 500 188 500

Gibson provided the following further information:

 Inventory as at 30 April 2010 amounted to N$10 000.

Required:

1. Prepare a Statement of Profit or Loss and other Comprehensive Income and

the Statement of Financial Position of Gibson store as at 30 April 2010.