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TOPIC 5:
TRIAL BALANCE AND FINANCIAL
STATEMENTS
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THE ABOUT

MASTERY

CHAPTER
ANALYSIS EXAM

WEIGHTAGE

2
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KEY CONCEPTS

TRIAL BALANCE
STATEMENT OF FINANCIAL PERFORMANCE
STATEMENT OF FINANCIAL POSITION
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Debit Credit

Assets Liability

Expenses Capital

Drawings Income
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Name of business
Trial Balance as at 30 June 2022
Debit Credit
$ $
Capital 2000

Cash at bank 2400

Drawings 250

Discount received 300

Discount allowed 150

Trade receivables 2800

Trade payables 1900

Sale revenue 4500

Salaries expense 3100

8700 8700
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Name of business
Statement of Financial Performance for the year ended 31 Dec 2022
$ $
Sales revenue 20 000
Less: Sales returns 2 000
Net sales revenue 18 000
Less: Cost of sales 4 000
Gross profit 14 000

Other income
Discount received 800

Less: Other expenses

Rent expense 1 200
Salaries expense 2 500 3 700

Profit for the year 11 100

 VICTOR TAN (COPYRIGHTED) ©

Name of business
Statement of Financial Position as at 31 Dec 2022
$ $
Assets
Non-current assets
Motor vehicles 60 000

Current assets
Cash at bank 1 400
Trade receivables 2 100 3 500

Total assets 63 500

Equity and liabilities

Owner’s equity
Capital 38 000

Non-current liabilities
Long-term borrowings 20 000

Current liabilities
Trade payables 5 500

Total equity and liabilities 63 500

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