The following is the trial balance of R. Woods as at 30 September 20X9: The inventory at
Question:
The following is the trial balance of R. Woods as at 30 September 20X9:
The inventory at 30 September 20X9 is valued at £2,946.
Required
Prepare a statement of profit or loss for the year ended 30 September 20X9 and a statement of financial position at that date (publishable format).
Inventory 1 Oct 20X8 Purchases Revenue Salaries and wages Rent and rates Insurance Motor expenses Printing and stationery Light and heat General expenses Premises Motor vehicles Fixtures and fittings Trade receivables Trade payables Cash at bank Drawings Capital Debit £ 2,368 12,389 3,862 504 78 664 216 166 314 5,000 1,800 350 3,896 482 1,200 33,289 Credit £ 18,922 1,731 12,636 33,289
Step by Step Answer:
Answer The Statement of Profit or Loss shows the revenue generated by the company the cost of goods sold gross profit operating expenses and net profi...View the full answer
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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