Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ASSIGNMENT-Preparation of Accounts A Trader started a boutique on 2 January 2022 by depositing 15,000 into a bank account. During the month of January

image text in transcribed

ASSIGNMENT-Preparation of Accounts A Trader started a boutique on 2 January 2022 by depositing 15,000 into a bank account. During the month of January 2022, the following transactions took place Date Transaction Amount () 3 Jan Bought men trousers for cash 4,400 3 Jan Bought Ladies dresses for credit 6,500 4 Jan Bought Men Shoes on credit 7,000 5 Jan Sold ladies dresses for cash 3,200 7 Jan Bought Ladies shoes on credit 5,500 10 Jan Sold Men trousers on credit 4,500 15 Jan Got a bank loan of 8,000 18 Jan Bought a computer 900 20 Jan Paid rent for shop in cash for January 1,200 23 Jan Sold Men shoes on credit 3,100 25 Jan Paid salary to employee 500 30 Jan Paid interest on bank loan 200 Repaid bank Loan 800 Paid Electricity and water 100 Paid for dresses bought on credit on 3 Jan 2,500 Got paid for the trousers sold on credit on 10 Jan 3,900 As at 31 January, the value of inventory still at hand was 17,300. Required: a) Prepare all the ledger accounts b) Extract the Trial Balance as at 31 Jan c) Prepare the Profit and Loss account for the month of January, and d) Prepare the SOFP as at 31 January.

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

Step: 3

blur-text-image

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

Fundamentals of Financial Accounting

Authors: Fred Phillips, Robert Libby, Patricia Libby

5th edition

78025915, 978-1259115400, 1259115402, 978-0078025914

More Books

Students also viewed these Accounting questions

Question

How do you want to end? Whats your conclusion?

Answered: 1 week ago

Question

Ready? Write a draft of the letter.

Answered: 1 week ago