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Chicago fun enterprise had just completed operations for the year ended 31st December 2008. however, the owner did not keep proper accounting records. thus, difficulties arose upon the preparation of the final accounts.

the owner approaches you to assist her in preparing the financial statements for the year ended 31st December 2008. the following information is made available:

cash sales 172,125

cash purchases 18,000

cash paid to trade 180,000

expenses paid during the year:

salaries 27,000

insurance 4,800

rent 11,600

general expenses 6,200

discount received 1,200

cash from credit customers 151,275

cash purchase of equipment on 28 December 2008 36,000

discount allowed 900

additional information:

1. the assets and liabilities of Chicago fun enterprise:

1/1/2008 31/12/2008

equipment at net book value 48,000 75,600

cash 78,360 ?

inventories 15,000 21,600

trade debtors 4,500 8,100

trade creditors 10,800 15,300

accrued general expenses 1,800 15,300

prepaid salaries 2,500 -

accrued salaries - 2,000

required:

prepair:

a) the statement ao affairs 1 January 2008.

b) the cash account for the year 31 December 2008

c) the income statement for the year ended 31st December 2008

d) the balance sheet as at 31st December 2008

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