July Settles half of the outstanding creditors and receives half of the money outstanding from debtors. Required:
Question:
July Settles half of the outstanding creditors and receives half of the money outstanding from debtors.
Required:
Prepare Katherine Jones’:
(i) Ledger accounts. Balance off the trading and profit and loss account items on 7 July.
However, there is no need to transfer the trading and profit and loss account items.
(ii) Trial balance after balancing off the accounts. L01
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