CSEC Principles of Accounts · January 2014 · Paper 2 · Question 1(a)

Isa is a sole proprietor trading in hair products and accessories. Trial balance figures for the year ended 30 April 2013 include: Gross Income 68 540, Fixtures and fittings 9 000, Provision for depreciation on fixtures and fittings 1 800, Delivery van 12 000, Provision for depreciation on delivery van 2 360, Receivables 3 200, Provision for Doubtful Accounts 500, Equipment 10 740, Cash 300, Bank 5 880, Discounts received 3 120, Payables 7 700, Rent paid 6 500, Wages and salaries 18 000, Utilities 9 500. Notes: Year-end inventory valued at 6 590; Provision for Doubtful Accounts to be 10% of receivables; Depreciation on fixtures and fittings at 10% straight line, and delivery van at 20% reducing balance; Annual rental costs 6 000; Utilities due 200.

Prepare Isa's Income Statement (Profit and Loss Account) for the year ended 30 April 2013.

This question uses a figure or table from the paper — you'll see it when you practise.