Post Utme Afe Babalola University 2024 Accounting Question 11

A company's accounting records are incomplete due to a fire that destroyed its office. The company's accountant has reconstructed the records using the single-entry method. The accountant has identified the following transactions for the year ended December 31, 2022: 1. Cash sales: ₦1,500,000 2. Cash purchases: ₦800,000 3. Credit sales: ₦2,000,000 4. Credit purchases: ₦1,200,000 5. Dividends received: ₦300,000 6. Rent received: ₦400,000 7. Salaries paid: ₦600,000 8. Interest paid: ₦100,000 9. Depreciation: ₦200,000 10. Profit: ₦500,000 Using the single-entry method, prepare the company's statement of financial position as at December 31, 2022.