Sulai started business on January 01, 2013 with cash of UGX 5,000,000,
furniture of UGX, 1,000,000, goods of UGX 2,000,000 and machinery
worth UGX 2,000,000. During the year she further introduced UGX
20,000,000 in her business by opening a bank account. From the
following information extracted from her books, you are required to
prepare final accounts for the ended December 31, 2013.
Receipt from debtors UGX 15,700,500 Cash sales UGX 4,500,000 Cash
purchases UGX 12,500,000 Wages paid UGX 5,000,000 Salaries UGX
11,700,500 Trade expanses UGX 1,886,500 Electricity UGX 7,000,500
Drawings UGX 3,000,000 Cash paid to creditors UGX 14,520,000
Discount allowed UGX 1,000,200 Discount received UGX3, 000,000 Bad
debts written-off UGX 1,000,300 Cash balance at end of year UGX
22,000,000 Sulai used goods worth UGX 12,500,000 for private
purposes, which is not recorded in the books. Charge depreciation on
furniture 10% and machinery 20% p.a. on December 31, 2013 her
debtors were worth UGX 7,000,000 and creditors UGX 3,500,000, stock
in trade was valued on that date at UGX 2,000,000.