Question
Below is the trial balance of Richard as at 31st Dec 2022, who runs a small business Trial Balance as at 31st Dec 2022
Below is the trial balance of Richard as at 31st Dec 2022, who runs a small business
Trial Balance as at 31st Dec 2022
| £ | £ | |
| Sales | 387000 | |
| Purchases | 230000 | |
| Stock (31st Dec 2021) Vehicle | 3100 | |
| Vehicle | 7000 | |
| Equipment | 5000 | |
| Machinery | 9500 | |
| Premises | 67500 | |
| Debtors | 12630 | |
| Creditors | 8620 | |
| Bank | 23340 | |
| Cash | 450 | |
| Wages | 25500 | |
| Insurance | 2350 | |
| Rent & rates | 11400 | |
| Advertising | 2660 | |
| Heat & Light | 1344 | |
| Stationery | 615 | |
| Bad debt | 631 | |
| Cash introduced | 20000 | |
| Drawings | 12600 | |
| 415620 | 415620 |
Additional information
Stock at 31st Dec 2022 £3,560
Required:
a. Prepare a Trading, Profit & Loss Account for Richard for the year to 31st Dec 2022.
b. Prepare the Balance Sheet for the same period.
Step by Step Solution
3.31 Rating (154 Votes )
There are 3 Steps involved in it
Step: 1
a Trading Profit Loss Account for the year ended 31st Dec 2022 Sales387000 Less Cost of Goods So...
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Step: 2
Step: 3
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Interpreting and Analyzing Financial Statements
Authors: Karen P. Schoenebeck, Mark P. Holtzman
6th edition
132746247, 978-0132746243
