Answer :
Certainly! Let's go through the details step-by-step to prepare the required financial statements.
### a) Statement of Affairs as at 31 December 2022
To prepare the statement of affairs, we list all the assets and liabilities as at 31 December 2022.
#### Assets:
- Stock: TZS 32,400
- Debtors for goods: TZS 63,600
- Insurance prepaid: TZS 1,260
- Fixture: TZS 5,400
#### Liabilities:
- Creditors for goods: TZS 38,100
- Rent owing: TZS 1,170
### Statement of Affairs as at 31 December 2022
```plaintext
Assets:
- Stock: TZS 32,400
- Debtors for goods: TZS 63,600
- Insurance prepaid: TZS 1,260
- Fixture: TZS 5,400
Total Assets: TZS 102,660
Liabilities:
- Creditors for goods: TZS 38,100
- Rent owing: TZS 1,170
Total Liabilities: TZS 39,270
Net Assets (Equity): TZS 63,390 (Assets - Liabilities)
```
### b) Income Statement for the Year Ended 31 December 2023
#### Revenue:
- Takings: TZS 52,200,000
#### Expenses:
- Wages: TZS 33,780,000
- Drawings: TZS 3,600,000
- Purchase of goods: TZS 14,820,000
Total Expenses: TZS 52,200,000
#### Net Takings:
- Net Takings after expenses: TZS 0
### Income Statement for the Year Ended 31 December 2023
```plaintext
Revenue:
- Takings: TZS 52,200,000
Expenses:
- Wages: TZS 33,780,000
- Drawings: TZS 3,600,000
- Purchase of goods: TZS 14,820,000
Total Expenses: TZS 52,200,000
Net Takings after expenses: TZS 0
```
### c) Statement of Financial Position as at 31 December 2023
To prepare the statement of financial position, we list all the assets and liabilities as at 31 December 2023.
#### Assets:
- Stock: TZS 36,600
- Debtors for goods: TZS 59,400
- Insurance prepaid: TZS 1,320
- Fixture: TZS 4,800
- Remaining takings: TZS 0 (after accounting for all expenses)
#### Liabilities:
- Creditors for goods: TZS 42,300
- Rent owing: TZS 0 (no rent owing at the end of the period)
### Statement of Financial Position as at 31 December 2023
```plaintext
Assets:
- Stock: TZS 36,600
- Debtors for goods: TZS 59,400
- Insurance prepaid: TZS 1,320
- Fixture: TZS 4,800
- Remaining takings: TZS 0
Total Assets: TZS 102,120
Liabilities:
- Creditors for goods: TZS 42,300
- Rent owing: TZS 0
Total Liabilities: TZS 42,300
Net Assets (Equity): TZS 59,820 (Assets - Liabilities)
```
And there you have the detailed solution and preparation of the required financial statements!
### a) Statement of Affairs as at 31 December 2022
To prepare the statement of affairs, we list all the assets and liabilities as at 31 December 2022.
#### Assets:
- Stock: TZS 32,400
- Debtors for goods: TZS 63,600
- Insurance prepaid: TZS 1,260
- Fixture: TZS 5,400
#### Liabilities:
- Creditors for goods: TZS 38,100
- Rent owing: TZS 1,170
### Statement of Affairs as at 31 December 2022
```plaintext
Assets:
- Stock: TZS 32,400
- Debtors for goods: TZS 63,600
- Insurance prepaid: TZS 1,260
- Fixture: TZS 5,400
Total Assets: TZS 102,660
Liabilities:
- Creditors for goods: TZS 38,100
- Rent owing: TZS 1,170
Total Liabilities: TZS 39,270
Net Assets (Equity): TZS 63,390 (Assets - Liabilities)
```
### b) Income Statement for the Year Ended 31 December 2023
#### Revenue:
- Takings: TZS 52,200,000
#### Expenses:
- Wages: TZS 33,780,000
- Drawings: TZS 3,600,000
- Purchase of goods: TZS 14,820,000
Total Expenses: TZS 52,200,000
#### Net Takings:
- Net Takings after expenses: TZS 0
### Income Statement for the Year Ended 31 December 2023
```plaintext
Revenue:
- Takings: TZS 52,200,000
Expenses:
- Wages: TZS 33,780,000
- Drawings: TZS 3,600,000
- Purchase of goods: TZS 14,820,000
Total Expenses: TZS 52,200,000
Net Takings after expenses: TZS 0
```
### c) Statement of Financial Position as at 31 December 2023
To prepare the statement of financial position, we list all the assets and liabilities as at 31 December 2023.
#### Assets:
- Stock: TZS 36,600
- Debtors for goods: TZS 59,400
- Insurance prepaid: TZS 1,320
- Fixture: TZS 4,800
- Remaining takings: TZS 0 (after accounting for all expenses)
#### Liabilities:
- Creditors for goods: TZS 42,300
- Rent owing: TZS 0 (no rent owing at the end of the period)
### Statement of Financial Position as at 31 December 2023
```plaintext
Assets:
- Stock: TZS 36,600
- Debtors for goods: TZS 59,400
- Insurance prepaid: TZS 1,320
- Fixture: TZS 4,800
- Remaining takings: TZS 0
Total Assets: TZS 102,120
Liabilities:
- Creditors for goods: TZS 42,300
- Rent owing: TZS 0
Total Liabilities: TZS 42,300
Net Assets (Equity): TZS 59,820 (Assets - Liabilities)
```
And there you have the detailed solution and preparation of the required financial statements!