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9 marksIncome Statements and Balance Sheets for Sole Traders

CSEC Principles of Accounts · January 2017 · Paper 2 · Question 3(a)

Stress Ease Enterprises provides a 'Client Rescue' service. 4,300 clients pay a retainer fee of 100 per year. Rescue fees are 35 per kilometre across 4 quarters (1,923 km, 2,680 km, 3,175 km, 1,848 km). Expenses: driver salaries 160,600, fuel 198,500, vehicle usage costs 27,430, depreciation on vehicles (valued at 210,000) at 30% straight line method.

Prepare Stress Ease Enterprises' Income Statement for the year ended 31 March 2016.

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Other parts of this question

  1. 3(b)Prepare the three-column Cash Book for Stress Ease Enterprises for the month ended 30 April 2016.[11 marks]

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