Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CR Question 2 The following trial balance has been extracted by the book-keeper of ABC at 30th September 2018 DR GH GH Sales 188,900 Sales

image text in transcribed
CR Question 2 The following trial balance has been extracted by the book-keeper of ABC at 30th September 2018 DR GH GH Sales 188,900 Sales returns 1,810 Purchases 79,310 Carriage inwards 2120 Returns outwards 1120 Carriage outwards 420 Rent and rates 30,800 Insurance 780 Salaries 20,400 Motor expenses 6,200 General expenses 7,450 Bad debts 240 Bank 1,250 Drawings 12,100 Motor vehicles 20,000 Accumulated depreciation for motor vehicles 7,400 Equipment 48,050 Accumulated depreciation for Equipment 15,780 Stock at 1st October 2017 6,200 Debtors 15,000 Creditors 17,880 Bank 1,250 Capital 20,000 Discounts 240 2,540 253,620 253,620 Additional information 1. Closing stock was valued at GHC4,600 II. There are accruals for, General expenses GHC 4,200, salaries GHC2,400 and motor expenses of GHC 1,050 III. Prepayments have been made for rent GHC3,900, insurance GHC1,250. IV. Vehicles are to be depreciated at 20% per annum and equipment at 10% per annum (both using the straight line method) Required: a) Prepare for ABC, the Statement of profit or loss for the year ended 30th September 2018. b) Prepare, for ABC, the Balance Sheet as at 30th September 2018. CR Question 2 The following trial balance has been extracted by the book-keeper of ABC at 30th September 2018 DR GH GH Sales 188,900 Sales returns 1,810 Purchases 79,310 Carriage inwards 2120 Returns outwards 1120 Carriage outwards 420 Rent and rates 30,800 Insurance 780 Salaries 20,400 Motor expenses 6,200 General expenses 7,450 Bad debts 240 Bank 1,250 Drawings 12,100 Motor vehicles 20,000 Accumulated depreciation for motor vehicles 7,400 Equipment 48,050 Accumulated depreciation for Equipment 15,780 Stock at 1st October 2017 6,200 Debtors 15,000 Creditors 17,880 Bank 1,250 Capital 20,000 Discounts 240 2,540 253,620 253,620 Additional information 1. Closing stock was valued at GHC4,600 II. There are accruals for, General expenses GHC 4,200, salaries GHC2,400 and motor expenses of GHC 1,050 III. Prepayments have been made for rent GHC3,900, insurance GHC1,250. IV. Vehicles are to be depreciated at 20% per annum and equipment at 10% per annum (both using the straight line method) Required: a) Prepare for ABC, the Statement of profit or loss for the year ended 30th September 2018. b) Prepare, for ABC, the Balance Sheet as at 30th September 2018

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

Security And Auditing Of Smart Devices

Authors: Sajay Rai, Philip Chukwuma, Richard Cozart

1st Edition

0367567997, 978-0367567996

More Books

Students also viewed these Accounting questions

Question

In Exercises, find the limit. x-4 lim x-00x + 1

Answered: 1 week ago

Question

=+ (a) Show that a trifling set is negligible.

Answered: 1 week ago

Question

Please read the instructions carefully and answers all.

Answered: 1 week ago