5.1 Malcolm s trial balance as at 30 June 20X1 was as follows: Capital account...
Question:
5.1 Malcolm s trial balance as at 30 June 20X1 was as follows:
£ £
Capital account as at 1 July 20X0 29,000 Creditors 21,000 Debtors 22,650 Cost of goods sold 144,000 Drawings 32,100 Sales 243,000 Stock 36,000 Vehicles 21,000 Wages expense 14,250 Sundry expenses 3,000 Rent expense 13,500 Insurance expense 2,000 Cash at bank 4,500 293,000 293,000 The following information is relevant:
1. Wages payable but unpaid at 30 June 20X1 amounted to £750.
2. Rent accrued and unpaid to 30 June 20X1 amounted to £3,000.
3. The figure of insurance expense includes a prepayment at 30 June 20X1 of £400.
Prepare Malcolm’s profit and loss account for the year ended on 30 June 20X1 and his balance sheet as at that date.
Step by Step Answer:
Principles Of Financial Accounting
ISBN: 9780273676300
3rd Edition
Authors: Ian Gillespie, Richard Lewis, Kay Hamilton