Sol Jensen provides the following trial balance extracted from his books of account on 31 December 20*8:
Question:
Sol Jensen provides the following trial balance extracted from his books of account on 31 December 20*8:
Additional information at 31 December 20*8:
stock was valued at £18,593; loan interest owing £250; office expenses owing £329; rates paid in advance £183; insurance paid in advance £465.
Required
Prepare:
a) A trading and profit and loss account for the year ended 31 December 20*8
b) A balance sheet at 31 December 20*8.
Transcribed Image Text:
Sales Purchases Returns inwards Returns outwards Stock 1 January 20*8 Carriage inwards Carriage outwards Wages Drawings Rent and rates Advertising Loan interest Insurance Office expenses General expenses Premises at cost Office equipment at cost Debtors Creditors Bank balance Cash in hand Capital Long-term bank loan Dr £ 116,754 453 20,064 2,431 1,342 78,549 24,650 4,352 2,649 1,250 4,380 5,672 12,879 72,500 24,000 18,901 345 476 391,647 Cr 211,901 509 8,005 126,232 45,000 391,647
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 33% (3 reviews)
Trading and Profit and Loss Account for the year ended 31 December 208 Particula...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
Question Posted:
Students also viewed these Business questions
-
Toby Moore provides the following trial balance extracted from his books of account on 31 July 20*8. Additional information at 31 July 20*8: stock was valued at 9,315; insurance has been prepaid 58....
-
Ben Trent provides the following trial balance extracted from his books of account on 31 March 20*8, after his first year of trading: Additional information at 31 March 20*8: stock was valued at...
-
Julie Wreak provides the following trial balance extracted from her books of account on 31 May 20*8: Additional information at 31 May 20*8: stock was valued at 34,897; wages amounting to 6,238 had...
-
The following matrix is row-equivalent to the augmented matrix of a linear system. Describe the solution set of that system. 1 0 1 5 0000 0013 0000 Find all possible values of a for which the...
-
The stockholders equity accounts of Palmetto Company have the following balances on December 31, 2014. Common stock, $1 par, 1,500,000 shares issued and outstanding ...... $ 1,500,000 Paid-in capital...
-
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A.LVMH is a Paris-based holding company and one of the worlds largest and best-known luxury goods companies. As a member-nation of...
-
The following information has been extracted from the books of account of Rufford plc for the year to 31 March 2006: Additional information: : 1. Administrative expenses include the following items:...
-
On January 1, 2008, Lennon Industries had stock outstanding as follows. 6% Cumulative preferred stock, $100 par value, issued and outstanding 10,000 shares ....$1,000,000 Common stock, $10 par value,...
-
The Case: Britney??s Company auditof Property, Plant, and EquipmentBritney??s Company has prepared the fixed assetsand depreciation as shown in Exhibit 1.The followinginformation isavailable: 2...
-
Tonya Gook provides the following trial balance extracted from her books of account on 30 November 20*8: Additional information at 30 November 20*8: stock was valued at 6,236; accrued wages 368;...
-
Seok Chin provides the following trial balance extracted from her books of account on 30 April 20*8: Additional information at 30 April 20*8: stock was valued at 26,449; wages owing amounted to...
-
Gracie says acceleration is how fast you go. Alex says acceleration is how fast you get fast. They look to you for confirmation. Whos correct?
-
In a dual card kanban system, one kind of card represents permission to produce. What does the second type of card represent permission to do?
-
A card is selected at random from a standard deck of 52 playing cards. Find the probability of each event. (a) Randomly selected a black suit or a king (b) Randomly selected a diamond or a face card...
-
Muda is another term for what?
-
Of the cameras produced by a company, 8% have a flash problem, 12% have a focus malfunction, and 0.9% have both a flash issue and a focus malfunction. Find the probability that a randomly selected...
-
Push versus pull refers to pushing or pulling what?
-
Suppose that instead of persisting as is assumed in problem 2, the decline in the real exchange rate is only temporary in that after the initial change in the price level that you found in part c of...
-
(a) Water flows through the nozzle of a garden hose. Find an expression for m in terms of line pressure P 1 , ambient pressure P 2 , inside hose diameter D 1 , and nozzle outlet diameter D 2 . Assume...
-
Rollo sells his business net asset value $250 000 to Sukhdev for a purchase consideration of $300 000. Calculate the value of goodwill for both Rollo and Sukhdev.
-
Value of Adnans net assets taken over $560 000; purchase consideration paid by Baldeep $500 000. Calculate the value of goodwill and state how it should be shown in the statement of financial...
-
Value of Jorges net assets taken over $129 000; purchase consideration paid by Bandi $200 000. Calculate the value of goodwill and state how it should be shown in the statement of financial position...
-
TRUE OR FALSE: "Built" costumes are created in a costume shop, where "pulled" costumes are previously existing outfits selected by a costume designer Group of answer choices True False
-
Accounting allows businesses to communicate information about a company's financial performance to the following groups of users: Question 15Answer a. internal users, external users, and the...
-
Because the Medical Unit may perform some of the same tasks, close coordination between the Medical Unit and the Compensation/Claims Unit is essential. The Compensation/Claims Unit maintains logs on...
Study smarter with the SolutionInn App