Assignment 5

1. Please filling and complete a part of Statement of Financial Position with

the following information
Opening capital 3000
Closing capital 3500
Profit/loss of the period 1500

Capital
Owner capital 3000
Retained earning 1500
Drawing 1000
Total capital 4500ư

2. Turning Point is a firm that sells exercise machine. Its owner, Tracy Nicole
has decided to adopt a dobule entry recording system. At 31 July 2015, the firm’s assets
and liabilities were as follows:

Account Amount
Sales 5000
Bank 1,200
Wages 700
Return inwards 200
Purchases 1000
Trade Receivables 2,000
Office Equipment 11,000
Premises 50,000
Trade Payables 7,500
Loan – JH Finance (in 5 years) 85,000

a. Prepare a trial balance for the period

b. Prepare the Statement of Profit or Loss
c. Prepare the Statement of Financial Position