Revision Time – SOCI/SOFP

Below is an exercise regarding the SOCI and SOFP. This in only an entry level, there will be to come as you can use this as your warm-up session.

Good luck

RM RM
Dr Cr
Sales and Purchases            61,200          294,600
Returns               1,350               1,030
Carriage inwards               2,500
Inventory 1.1.18            10,400
Equity 1.1.18          100,000
Salary            48,000
Rental            15,000               6,000
Interest               2,200               1,800
Stationery               1,750
Utilities               3,200
Insurance               1,520
Bad debt               2,400
Premises          200,000
Machinery            30,000
Receivables and payables            35,400               8,640
Bank               3,000
Cash                  150
         415,070          415,070

To be continued….

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