TRADING AND PROFIT AND LOSS ACCOUNTS | |||||
To Opening stock | 100000 | Sales | 400000 | ||
To Purchases | 350000 | Less: Returns | 5000 | 395000 | |
Less: Returns | 6200 | 343800 | To closing stock | 120000 | |
To Gross profit c/d | 71200 | ||||
515000 | 515000 | ||||
By Gross profit c/d | 71200 | ||||
To Wages and salaries (30000+5000) | 35000 | ||||
To Insurance expense (6000-500) | 5500 | ||||
To Telephone charges (1000+220) | 1220 | ||||
To Bad debts (200+180) | 380 | 42100 | |||
To Net profit transferred to capital | 29100 | ||||
71200 | 71200 | ||||
BALANCE SHEET | |||||
ASSETS | LIABILITIES | ||||
Current Assets: | Current liabilities: | ||||
Bank | 3000 | Creditors | 7000 | ||
Debtors | 9800 | Accruals | 5220 | 12220 | |
Provision for bad debts | -980 | ||||
Inventory | 120000 | ||||
Prepaid insurance | 500 | 132320 | |||
Fixed Assets: | Capital | 179000 | |||
Equipment | 40000 | Drawings | -18000 | ||
Van | 30000 | 70000 | Net profit | 29100 | 190100 |
202320 | 202320 |
6. Following is the trial balance of Pure Gold Enterprise as at 30 June 20x7 Debit...
write in a table 6. Following is the trial balance of Pure Gold Enterprise as at 30 June 20X7: Debit RM Credit Sales Purchases Sales returns Purchase returns Beginning Inventory Provision for bad debts Wages and salaries Insurance Expense Telephone charges Equipment at cost Van Debtors and creditors Bad debts Capital Bank Drawings 400,000 350,000 5,000 6,200 100,000 800 . 30,000 6,000 1,000 40,000 30,000 9,800 200 7,000 179,000 3,000 18,000 593,000 593,000 Additional Information: 1. Inventory as at 30...
Nhende Store had the trial balance below Trial balance as at 31 December 2018 DR CR $ $ Purchases and sales 35 000 40 000 Sales and Purchases returns 500 620 Opening stock 10 000 Provision for doubtful debts 80 Wages and salaries 3 000 Rates 600 Telephone 100 Shop fitting at cost 4 4 000 Van at cost 3 000 Debtors and creditors 980 7 00 Bad...
QUESTION ONE The following is the trial balance of . Higer on 30 September 2019. 5500 2675 8345 41567 25467 945 2454 450 Freehold land and buildings Plant and machinery Inventory, 31 march 2019 Sales Purchases Carriage Wages Bad debts Provision for bad debts Receivables Payables Discounts Furniture Capital - 1. Higer General expenses Bank Rates Drawings - J. Higer 1350 10891 4908 1476 1647 384 19972 2676 3749 375 3715 69273 69273 The inventory at 30 September 2019 was...
Q1. 4U Berhad Trial balance as at 30 June 2019 RM 0.000) RM (.000) 25,000 1.500 750 2.500 12.500 1.250 500 875 1.250 2.500 1.250 7,500 500 1,500 6.000 Sales @ RM 100 per unit Inventory at 14 May 2018 (15,000 @ RM 50) Trade receivables and payables Purchases Return inwards Carriage inwards Carriage outwards Return outwards Administrative expenses Selling and distribution expenses Plant and machinery at cost Discount received Commission Received Rental Building at cost Freehold land at cost...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. WHITELEY LTD Unadjusted Trial Balance as...
The following accounts are taken from the book of GGGG books as at 31 December 2019. Use the following information to prepare the trial balance as at 31 December 2019. RM Purchases 26,000 Sales 33,690 Capital 150,000 Cash in hand 52,000 Opening inventory 5,600 Debtors 70,910 Furniture 10,000 Creditors 1,900 Office equipment 16,000 Wages 1,780 Interest 230 Interest received 4,900 Rental 18,000 Machineries 30,000 Commission 190...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
You have been provided with the Unadjusted Trial Balance for Whiteley Ltd. as at June 30, 2019. The company uses the periodic system for inventory management. All sales revenue is recorded on credit, no cash sales are made by the company. There are four (4) parts to this question including PART A: General Journal entries, PART B: Classified Income Statement, PART C: Equity ledger account closing balance calculation and PART D: Classified Balance sheet. e WHITELEY LTD Unadjusted Trial Balance...
Attached, is the Trial Balance for Barry Cooperation, for the year ended 30 June, 2018. Required: Prepare Classified Financial Statements (Income Statement and Balance Sheet Trial Balance of Barry Cooperation As at 30 June, 2018 ACCOUNT DEBIT CREDIT Assets Cash at Bank 22 327 Account Receivable Control 11 484 Provision for Doubtful Debts 420 Inventory 6 057 Prepaid Expenses 2 230 Office Machinery 59 000 Accumulated Depreciation on Office Machinery 15 213 Motor Vehicles 22 000 Accumulated Depreciation on Motor...
Skate 'n' Surf Adjusted trial balance as at 30 June 20XX Account no. Account Debit Credit 100 Cash at bank 6,110 110 Accounts receivable 12,925 120 Inventory 40,370 130 Prepaid insurance 4,235 171 Shop equipment (cost) 33,300 172 Accumulated depreciation - shop equipment 694 200 Accounts payable 30,980 210 PAYG withholding payable 50 220 Superannuation payable 90 230 Bank loan 29,523 300 Capital 29,000 400 Sales revenue 23,925 410 Sales returns and allowances 1,100 420 Discount received 2,090 500 Cost...