Balance Sheet Question with Answer Presented in a Video

Assuming you are told that the following trial balance was extracted from the books of OurFATutor Dot Com as at 31^st December, 20x2, 

you are required to prepare:

a.    Income statement for the year ended 31^st December, 20x2, and

b.    A statement of financial position as at 31^st December, 20x2

Note

The value of stock as at 31^st December, 20x2 was put at N650,000 only

The following video is used to present the suggested solution to the above stated question.