Elaine Mellor is a toy wholesaler. At the close of husiness on 31 March 20-9 she extracted
Question:
Elaine Mellor is a toy wholesaler. At the close of husiness on 31 March 20-9 she extracted the following trial balance from her books:
Dr Cr
£
£
Purchases and sales 17,620 38,330 Stock 1 April 20-8 6,740 Bank balance 2,450 Cash 480 Discount allowed and received 380 490 Returns inwards and outwards 670 890 Carriage outwards 1,050 Rent 1,530 Rates and insurance Provision for bad and 960 doubtful debts 520 Fixtures and fittings 5,200 Delivery van 7,000 Debtors and creditors 13,790 8,030 Drawings 3,960 Wages and salaries 7,980 General expenses 640 Capital 1 April 20-8 17,290 68,000 68,000 Notes:
(i) Stock at 31 March 20-9 was valued at £5,430
(ii) Wages and salaries accrued at 31 March 20-9 were £700
(iii) Rates prepaid were £160 at 31 March 20-9
(iv) Increase the provision for bad and doubtful debts by £270 to £790
(v) Provide for depreciation as follows: fixtures and fittings £200, delivery van £500 You are required to:
(a) Prepare Elaine Mellor’s trading and profit cmd loss account for the year ended 31 March 20-9.
(b) Prepare a balance sheet as at 31 March 20-9.
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