Trial Balance of Jayakody Hardware Stores as of 31st December 2015

Account Dr Cr
Delivery Van 150,000.00
Accumulated Depreciation - Van 27,300.00
Fixtures and Fittings 20,000.00
Accumulated Depreciation - Fixtures & Fittings 6,000.00
Office Supplies 20,800.00
Prepaid Insurance 5,760.00
Inventory - 1st January 142,400.00
Debtors 40,800.00
Cash 46,010.00
Bank Loans 16,000.00
Creditors 22,000.00
Capital - Mr. A Jayakody 312,790.00
Drawings - Mr. A Jayakody 7,500.00
Sales 577,240.00
Sales returns and allowances 12,000.00
Discounts allowed 9,500.00
Purchases 335,680.00
Purchase returns and allowances 11,200.00
Discounts received 6,080.00
Carriage inwards 11,840.00
Salaries Expenses 114,400.00
Advertising Expenses 6,000.00
Carriage Outwards 24,400.00
Rent Expenses 24,000.00
Interest Expenses 1,920.00
Telephone and Electricity Charges 5,600.00
978,610.00 978,610.00

The following information were given.

1. Supplies as of 31st December 2015 is amounting to Rs. 11,200.
2. Prepaid insurance Rs. 5,760 represents a two year premium effective from 1st January 2015.
3. Annual depreciation on the delivery van and fixtures and fittings is 10% per year.
4. Sales salaries payable as of 31st December is Rs. 4,000. 4000
5. Inventory value as of 31st December 2015 is Rs. 145,600.
6. The accounting policy is to treat 75% of following expenses as selling and distribution expenses and the balance
25% is as administrative expenses
Rent
Salaries
Telephone and Electricity charges
Please prepare the financial statements.
 finance change
interest -1920
net profit 18901
Balance sheet Income statement
NON CURRENT
Delivery Van 150,000.00 Sales
dep van (42,300.00) 107,700.00 sales return
Fixtures and Fittings 20,000.00
dep fixtures (8,000.00) 12,000.00
CURRENT stock
Inventory - 1st January 145,600 Purchases
Office Supplies 11,200.00 Purchases ret
Prepaid Insurance 2,880.00 Carriage inwards
Debtors 40,800.00 stock
Cash 46,010.00 246,490.00
366,190.00 ADMIN
Salaries Expenses
CAPITAL 324190 insurance
dep fixtures
bank loan 16000 Rent Expenses
tel elec

creditors 22000 SALES & DIS

salary payable 4000 office supp
dep van
salaries
rent
tel elec
disc allowed
advertising
carriage out

5760

penses and the balance

Income statement

577,240.00
(12,000.00)

142,400.00
335,680.00
(11,200.00)
11,840.00
(145,600.00) (333,120.00)
232,120.00
6,080.00
28,600.00
2880
2,000.00
6,000.00
11400

9600
15000
89800
18000
4200
9500
6000
24400