Prepare the Statement of Financial Position for the year ending December 31, 2020
The following balances were obtained from the books of Hansle Parchment for the year ending December 31, 2020
DETAILS
DR
CR
Capital
500,000
Drawings
17,500
Loan
450,000
Commission Received
62,000
Office Expenses
12,500
Opening Stock
45,000
Insurance
5,000
Creditors
15,500
Utilities
12,500
Purchases
415,550
Debtors
60,000
Telephone Charges
18,000
Bank
28,250
Cash
12,000
Carriage Inwards
3,050
Sales
810,550
Wages and Salaries
55,000
Returns
7,200
12,000
Discounts
8,000
5,500
Land and Building
472,500
Fixtures and Fittings
180,000
Motor Vehicle
320,000
Machinery and Equipment
240,000
1,883,800
1,883,800
End Note Stock at the end of the year is $80,000