Review Questions: Preparation of Financial Statements Mrs. Hussein runs a management consultancy business. Her Trial balance at 30 April, 2012 is as follows: Dr Cr Tshs '000' Tshs '000' Bank Overdraft 16,100 Debtors 17,400 Fees earned 118,900 Freehold property at cost 80,000 Interest paid 4,500 Long term loan 50,000 Office expenses paid 16,200 Ownership interest at 1 May 2011 22,800 Salaries paid 73,600 Withdrawals by Mrs. Hussein during the year 16,100 207,800 207,800 The following additional information is also available: (a) Mrs. Hussein owes a further Tshs 500,000 interest at 30 April 2012 (b) Office expenses include a payment rates of Tshs 2,400,000 covering the period from 1 April 2002 to 30 September 2012 (c) Office expenses amounting to Tshs 1,500,000 have been incurred but not entered in the books at 30 April 2012. Required: Prepare Mrs. Hussein's Income Statement for the year ended 30 April 2012 and her Statement of Financial Position as at that date.
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