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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