Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10) The following infomation relates to Lisa a sole trader.: Trial Balance as at 30 November 2016 atine 108,750 14.133 434 maintenance Insurance General Trade

image text in transcribed

10) The following infomation relates to Lisa a sole trader.: Trial Balance as at 30 November 2016 atine 108,750 14.133 434 maintenance Insurance General Trade debtors Trade creditors 103 l debts Office equipment at cost Office equipment: 105,000 ter equipment at cost depreciation 4,600 at 100 Renms inwards Reums outward Carriage outwards Discounts allowed Discounts received Drawmg: Cash at bank Capital at 1.1 4.000 799,01 The following information is available: 1. Stock at 30t November 2016 was vaued at 24,612 2. Depreciation is to be applied at the following rates using the straight-line (on cost) method: (i) Office equipment 5% Computer equipment 20% (ii) The amount shown for insurance on the trial balance includes a premium paid of l,830, which represents the annual insurance premium to 31" January 2017 3. 4. Telephone expanses totalling 541 hae been incured but not yet paid. 5. Bad debts of 1,103 are to be written off, and, after this write off, a provision for doubtful debts of 5% of the remaining During the year, Lisa took 200 worth of goods for her own use. This has not been recorded in the accounts. debtor balance is to be maintained 6. You are required to: (i) Prepare the trading, profit and loss account for the year ending 30November 2016, talkins into accqumt all the information provided above Prepare a balance sheet at 30t November 2016 (ii) Show all figures to the nearest

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting For Managers Interpreting Accounting Information For Decision Making

Authors: Paul M. Collier

1st Edition

0470845023, 9780470845028

More Books

Students also viewed these Accounting questions

Question

What is the Fisher equation, and how is it used?

Answered: 1 week ago