304
(d)
Payments were also made in cash out of the till:
$
(i)
To trade payables
800
(ii)
For sundry expenses
1,500
(iii) To
drawings
3,700
At 31 December 20X7, the business had cash in the till of $450 and trade payables of $1,400. The
cash balance in the bank was not known and the value of closing inventory has not yet been calculated.
There were no accruals or prepayments. No further long-term assets were purchased during the year. The
depreciation charge for the year is $900.
Required
(a)
Prepare a two column cash book for the period.
(b)
Prepare the statement of profit or loss for the year to 31 December 20X7 and the statement of
financial position as at 31 December 20X7.
7.2 Discussion and solution
A two column cash book is completed as follows.
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