The trial balance for a small business at 31 August 2011 is as follows: Required: 1 The
Question:
The trial balance for a small business at 31 August 2011 is as follows:
Required: 1 The adjustments to the ledger accounts for rent and business rates for the year to 31 August 2011. 2 An income statement for the year ending 31 August 2011, together with a statement of financial position as at that date.
Transcribed Image Text:
Inventory 1 September 2010 Purchases and sales Rent Business rates Sundry expenses Motor vehicle at cost Accounts receivable and accounts payable Bank Provision for depreciation on motor vehicle Capital at 1 September 2010 Drawings At 31 August 2011 there was: Inventory valued at cost prices 9,100 Accrued rent of 400 Prepaid business rates of 300 The motor vehicle is to be depreciated at 20 per cent of cost 8,200 26,000 4,400 1,600 340 9,000 1,160 1,500 11,700 63,900 40,900 2,100 1,200 19,700 63,900
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
To provide the adjustments to the ledger accounts for rent and business rates for the year to 31 August 2011 and to create an income statement and a statement of financial position at that date we nee...View the full answer
Answered By
Aysha Ali
my name is ayesha ali. i have done my matriculation in science topics with a+ . then i got admission in the field of computer science and technology in punjab college, lahore. i have passed my final examination of college with a+ also. after that, i got admission in the biggest university of pakistan which is university of the punjab. i am studying business and information technology in my university. i always stand first in my class. i am very brilliant client. my experts always appreciate my work. my projects are very popular in my university because i always complete my work with extreme devotion. i have a great knowledge about all major science topics. science topics always remain my favorite topics. i am also a home expert. i teach many clients at my home ranging from pre-school level to university level. my clients always show excellent result. i am expert in writing essays, reports, speeches, researches and all type of projects. i also have a vast knowledge about business, marketing, cost accounting and finance. i am also expert in making presentations on powerpoint and microsoft word. if you need any sort of help in any topic, please dont hesitate to consult with me. i will provide you the best work at a very reasonable price. i am quality oriented and i have 5 year experience in the following field.
matriculation in science topics; inter in computer science; bachelors in business and information technology
_embed src=http://www.clocklink.com/clocks/0018-orange.swf?timezone=usa_albany& width=200 height=200 wmode=transparent type=application/x-shockwave-flash_
4.40+
11+ Reviews
14+ Question Solved
Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
Question Posted:
Students also viewed these Business questions
-
The trial balance for a small business at 31 August 20X8 is as follows: At 31 August 20X8 there was: Stock valued at cost prices 9,100 Accrued rent of 400 Prepaid business rates of 300 The motor...
-
Construct (5 or 10 years) scenarios for H&Mn
-
28.7A The owner of a small business selling and repairing cars which you patronise has just received a copy of his accounts for the current year. He is rather baffled by some of the items and as he...
-
6 Question 9 of 11 View Policies Cash Receivables Inventories Current Attempt in Progress On January 1, 2024, Novak Company acquired all the assets and assumed all the liabilities of Crane Company...
-
If more electric field lines leave a Gaussian surface than enter it, what can you conclude about the net charge enclosed by that surface?
-
Green Pond Nursery Supply (GPNS) is a garden center wholesaler in eastern Pennsylvania that sells and distributes a wide range of garden products and equipment including organic fertilizers, premium...
-
What term is used to describe products that are being manufactured but are not yet complete?
-
Tri Designs, Inc. has the following data: Perform a vertical analysis of Tri Designss balance sheet for each year. TRI DESIGNS, INC. Comparative Balance Sheet December 31, 2016 and 2015 2016 2015...
-
Martin's Lumber has a profit margin of 7 percent and a dividend payout ratio of 30 percent. The total asset turnover is 0.90, and the debt-equity ratio is 0.45. What is the sustainable rate of growth?
-
A J. Wright, a sole trader, extracted the following trial balance from his books at the close of business on 31 March 2012: Notes: (a) Inventory 31 March 2012 6,805. (b) Wages and salaries accrued at...
-
The following trial balance was extracted from the books of R. Giggs at the close of business on 28 February 2010. Notes: (a) Inventory 28 February 2010 2,400. (b) Wages and salaries accrued at 28...
-
The specialties of physicians (cardiac surgeon, pediatrician, etc.) Determine whether the data described are qualitative or quantitative and explain why.
-
You've just been hired to help a fast-growing local church with a "burnout problem". Your needs analysis shows that employees at all levels - particularly those in senior leadership positions (e.g....
-
A small group of college students rank the best destination for Spring Break. S=San Diego, L = Lake Havasu, R = Rocky Point Determine the Condorcet Winner. Number of Voters 4 4 2 5 1st Choice S S L...
-
Describe the importance of using family approaches in your work as a social worker. Discuss several client issues where you would recommend a family approach and why you think it would be beneficial.
-
2.Determine the angular momentum of the 20 kg disk or rod about point G and point O 2 m G 6 rad/s O No slipping
-
2) A 7%, 30-year bond has a par value of $1,000 and a call price of $1,030. It is callable in 10 years. The bond is currently selling for $1,060. Calculate the current yield, yield to maturity, and...
-
Petrocelli Company obtains $40,000 in cash by signing a 7%, 6-month, $40,000 note payable to First Bank on July 1. Petrocellis fiscal year ends on September 30. What information should be reported...
-
Match the following. Answers may be used more than once: Measurement Method A. Amortized cost B. Equity method C. Acquisition method and consolidation D. Fair value method Reporting Method 1. Less...
-
If opening stock is 3,000, closing stock 5,000, sales 40,000 and margin 20 per cent, then stockturn is (A) 8 times (B) 7 1 /2 times (C) 5 times (D) 6 times
-
If creditors at 1 January 20X3 were 2,500, creditors at 31 December 20X3 4,200 and payments to creditors 32,000, then purchases for 20X3 are (A) 30,300 (B) 33,700 (C) 31,600 (D) 38,700
-
Given opening capital of 16,500, closing capital as 11,350 and drawings were 3,300, then (A) Loss for the year was 1,850 (B) Profit for the year was 1,850 (C) Loss for the year was 8,450 (D) Profit...
-
Question 2 (30 Marks) (a) You want to estimate the daily value at risk (VaR) for the stock returns of a public firm currently valued at $800 million. Using its stock returns data for the past 2 years...
-
Two investments have the following pattern of expected returns: Investment A BTCF Year 1 $6,000 Year 2 $11,000 Year 3 $13,000 Year 4 $16,000 Year 4 (Sale) $130,000 Investment B Year 4 BTCF Year 1...
-
Suppose S = 50, and it pays a dividend of $1 in exactly one month. There are three-month European calls and puts on the stock with a strike of 50. The call is trading at a price of 3 while the put is...
Study smarter with the SolutionInn App