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Question 3 Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following transactions occurred during the month of June. June 1 Aminu Ltd invested AED10,000 cash to start...

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Question 3 Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following transactions occurred during the month of June. June 1 Aminu Ltd invested AED10,000 cash to start the delivery company. 2 Purchased a used van for deliveries for AED12,000. Aminu Ltd paid AED2,000 cash and signed a note payable for the remaining balance. 3 Paid AED500 for office rent for the month. 5 Performed AED4,400 of services on account. 9 Declared and paid AED200 in cash dividends. 12 Purchased supplies for AED150 on account. 15 Received a cash payment of AED1,250 for services provided on June 5. 17 Purchased gasoline for AED100 on account. 20 Received a cash payment of AED1,500 for services provided. 23 Made a cash payment of AED500 on the notes payable. 26 Paid AED250 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid AED1,000 for employee salaries Required to: [a] Prepare an income statement for the month of June. [b] Prepare a statement of financial position at June 30, 20X1.
Extracted text: Question 3 Aminu Ltd started a delivery service, Aminu Ltd Deliveries, on June 1, 20X1. The following transactions occurred during the month of June. June 1 Aminu Ltd invested AED10,000 cash to start the delivery company. 2 Purchased a used van for deliveries for AED12,000. Aminu Ltd paid AED2,000 cash and signed a note payable for the remaining balance. 3 Paid AED500 for office rent for the month. 5 Performed AED4,400 of services on account. 9 Declared and paid AED200 in cash dividends. 12 Purchased supplies for AED150 on account. 15 Received a cash payment of AED1,250 for services provided on June 5. 17 Purchased gasoline for AED100 on account. 20 Received a cash payment of AED1,500 for services provided. 23 Made a cash payment of AED500 on the notes payable. 26 Paid AED250 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid AED1,000 for employee salaries Required to: [a] Prepare an income statement for the month of June. [b] Prepare a statement of financial position at June 30, 20X1.
Answered 94 days After Jun 09, 2022

Solution

Rochak answered on Sep 12 2022
60 Votes
Income Statement
    Income Statement
    
    Particulars
    Amount
    Revenue
    AED 4,400
    Expenses
    
    Rent
    AED 500
    Gasoline
    AED 100
    Utilities
    AED 250
    Salaries
    AED 1,000
    Total Expenses
    AED 1,850
    Net Profit
    AED 2,550
Statement of Financial...
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