Maxwell is a sole proprietor operating business in Juja and the following trial balance relates to his business for the year ended 31st December, 2013. Additional...

Maxwell is a sole proprietor operating business in Juja and the following trial balance relates to his business for the year ended 31st December, 2013.

Additional information
1. Stock at 31/12/2013 amount to Kshs 3,000,000
2. Motor vehicle expenses unpaid amount to Kshs 300,000.
3. A quarter of telephone bills relate to the year 2014.
4. Un paid electricity and water amount to Ksh 100,000
5. Depreciation on motor vehicles and fixtures is at 20% and 10% respectively on cost.
6. Salary and rent prepaid were Kshs 200,000 and Kshs 100,000 respectively.
7. Interest on loan was outstanding as at 31st December 2013.

Required
i. Income Statement for the year ended 31/12/2013.
ii. Balance sheet as at 31/12/2013.

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Kavungya answered the question on August 17, 2021 at 12:06

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