Complete question 7.4A by drawing up a balance sheet as at 30 June 20X8. Data from Question
Question:
Complete question 7.4A by drawing up a balance sheet as at 30 June 20X8.
Data from Question 7.4A
Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows:
Stock at 30 June 20X8 was £29,304.
Transcribed Image Text:
Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Sales Purchases Sundry expenses Lorry Creditors Debtors Fixtures Shop Cash at bank Drawings Capital Dr £ 940 1,804 1,990 2,350 48,580 245,950 624 19,400 44,516 4,600 174,000 11,346 44,000 600,100 Cr £ 382,420 23,408 194,272 600,100
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
Balance Sheet As of 30 June 20X8 Assets Liabilities Equipment rental 940 Creditors 23408 In...View the full answer
Answered By
Abdul Wahab Qaiser
Before working at Mariakani, I volunteered at a local community center, where I tutored students from diverse backgrounds. I helped them improve their academic performance and develop self-esteem and confidence. I used creative teaching methods, such as role-playing and group discussions, to make the learning experience more engaging and enjoyable.
In addition, I have conducted workshops and training sessions for educators and mental health professionals on various topics related to counseling and psychology. I have presented research papers at conferences and published articles in academic journals.
Overall, I am passionate about sharing my knowledge and helping others achieve their goals. I believe that tutoring is an excellent way to make a positive impact on people's lives, and I am committed to providing high-quality, personalized instruction to my students.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
Complete question 7.2 by drawing up a balance sheet as at 30 June 20X8. Data from Question 7.2 From the following trial balance of B Lane after his first years trading, you are required to draw up a...
-
Complete question 7.3A by drawing up a balance sheet as at 31 December 20X8. Data from Question 7.3A From the following trial balance of B Morse drawn up on conclusion of his first year in business,...
-
Complete question 7.1 by drawing up a balance sheet as at 31 December 20X6. Data from Question 7.1 From the following trial balance of A Moore, extracted after one years trading, prepare a trading...
-
How could sales force automation affect salesperson productivity, marketing management, and competitive advantage?
-
U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2010. U.S.M.'s actuary determined that 2011 service cost is $60,000. Both the...
-
Would you expect a company to pay all of its revenue reserves as a dividend? What factors might be involved with a dividend decision?
-
Weight-loss surgery and longer life. An article in the Washington Post reported that, according to two large studies, obese people are significantly less likely to die prematurely if they undergo...
-
For the coming year, Loudermilk Inc. anticipates fixed costs of $ 600,000, a unit variable cost of $ 75, and a unit selling price of $ 125. The maximum sales within the relevant range are $...
-
7-Which of the following foreign subsidiary accounts would be translated into U.S. dollars using the historical exchange rate? Select one: a.Plant assets b.Bonds payable c.Capital stock d.Bond...
-
G. Hope started in business on 1 July 20X0, with 40,000 capital in cash. During the first year he kept very few records of his transactions. The assets and liabilities of the business at 30 June 20X1...
-
Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows: Stock at 30 June 20X8...
-
A 90% interest in Saxton Corporation was purchased by Palm Incorporated on January 2, 2019. The capital stock balance of Saxton Corporation was $3,000,000 on this date, and the balance in retained...
-
What volumetric airflow rate (Qa) is required to maintain a G value of 500s-1 in a basin that is 2.75 m deep and provides a liquid detention time of 5 min? Perform the exercise for water temperatures...
-
Read this article, then answer the following questions: 1- Description of Instrument: a. Title of instrument, author(s), publication date 2/18/24, 5:43 PM Abuse Risk Inventory for Women: EBSCOhost...
-
Suppose that there is a magnetic field B(x, y, z) = x2 filling a 3D space. The coordinates are set up as a Cartesian coordinate system with = 2. For all the discussions below, ignore the units. a)...
-
A vertical solid cylinder of uniform cross-sectional area A floats in water. The cylinder is partially submerged. When the cylinder floats at rest, a mark is aligned with the water surface. The...
-
Non-manufacturing fixed cost for year 2011 equal to:$60,780 out of which half are Administrative expenses.Administrative expenses are expected to increase by: 10%The total Variable nonmanufacturing...
-
After operating for a month, Taylor Moffat, Veterinarian, completed the following transactions during the latter part of October: Oct. 22 Performed service for patients on account, $6,000. 30...
-
Write each fraction as a percent. 7 50
-
Relevant statements of financial position as at 31 March 2017 are set out below: You have recently been appointed chief accountant of Jasmin (Holdings) plc and are about to prepare the group...
-
At the end of 2018, a parent company, P plc, with one subsidiary, had a holding representing 10% of the equity of R Ltd, a clothing company. It had cost 96,000 when purchased at the start of 2017. At...
-
Q plc has three subsidiaries: L Ltd, M Ltd, and N Ltd. All three were acquired on 1 January at the start of the financial year which has just ended. Q has a 55%, 70% and 95% holding respectively and...
-
Problem Set Time Value of Money 1. In 10 years, what is the value of $100 invested today at an interest rate of 8% per year, compounded annually? 2. In 10 years, what is the value of $100 invested...
-
The Blending Department of Luongo Company has the following cost and production data for the month of April. Costs: Work in process, April 1 Direct materials: 100% complete $120,000 Conversion costs:...
-
Q3 plz answer correctly and check work Builtrite's upper management has been comparing their books to industry standards and came up with the following question: Why is our operating profit margin...
Study smarter with the SolutionInn App