Anne Parfitt owns a retail carpet business. After her trading and profit and Joss account for the
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Anne Parfitt owns a retail carpet business. After her trading and profit and Joss account for the year ended 31 May 20-5 was completed, the following balances remain in her ledger:
You are required to:
(a) Prepare a balance sheet as at 31 May 20-5 clearly showing all the items under the appropriate headings.
(b) Anne Parfitt had taken drawings in four equal instalments, by cheque, at the end of each quarter.
You are required to: write up the drawings account and the capital account, including all relevant dates and transfers, and balance the accounts for the year ended 31 May 20-5.
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