Mr. Ancentus Okwengo is the sole proprietor of a small business

Mr. Ancentus Okwengo is the sole proprietor of a small business. The following trial balance was extracted from his books at 31 March 2000..909px;=”” collapse;=”” baseline;=”” 14px;=”” sans-serif;=”” sans”,=”” “open=”” 24px;=”” inherit;=”” 12px=”” border-box;=””>Sh. ‘000’Sh. ‘000’Capital4,896Freehold land and buildings (at cost)3,600Plant and machinery at cost3,480Provision for depreciation – plant and machinery1,680Delivery vans960Provision for depreciation – delivery vans672Loose tools at valuation on 1 April 1999288Stocks 1 April 19992,232Purchases4,440Loose tools192Sales15,840Wages and Salaries5,288Rates and Insurance384Repairs and maintenance of buildings240Sales expenses including vehicle running costs344Electricity and power1,440Industrial training levy72Administration expenses672Provision for doubtfuldebts240Debtors and Creditors1,9841,928Drawings480Bank864Cash in hand24_____26,12026,120Additional information:1. Closing stock on 3 1 March 2000 was Sh.2, 008,000. Loose tools at valuation Sh.384, 000.2 .Provision is to be made for the following amount owing on 3 1 March 2000: Electricity and power Sh.192,000.3. Payments in advance on 31 March 2000 were as follows: Van licenses Sh.2,520 and rates Sh.13,800.4. Depreciation on plant and machinery and delivery vans is to be provided at the rate of 20% and 25% respectively on cost at the end of the year. 5. Bad debts amounting to Sh.26,000 are to be written off and the provision for doubtful debts is to be 10% of trade debtors.Required:A ten-column worksheet for the year ended 31 March 2000. (Total: 20 marks)

 

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