Question 2
Elwira Ventures
The following trial balance was extracted from the books of Elwira Ventures, a spare parts merchant, at the close of business on 31 December 2020
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Additional Information
1. Inventory on 31 December 2020 was £3,400.
2. Elwira took out spare parts costing £500 for the repair of her private car.No
payment was made for these goods.
3. Rent prepaid on 31 December 2020 was £1,200.
4. Motor running expenses owing on 31 December 2020 was £90.
5. Provide for depreciation on 31 Dec 2020 as follows: Delivery Van 45% on the reducing balance basis and Shop fittings 35% on the straight-line basis.
Required:
a) Draw up Elwira Ventures income statement for the year ended31December2020
b) Draw up Elwira statement of financial position as at 31 December 2020
c) In one sentence, state the effect of the following on income statement andstatement of financial position.
i. Prepaid income.
ii. Prepaid expense.
iii. Accrued income.
iv. Accrued expense.
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