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From the following trial balance of S Thompson, you are asked to draw up an SOPL statement for the year ended 31 March 2009 and
- From the following trial balance of S Thompson, you are asked to draw up an SOPL statement for the year ended 31 March 2009 and a SOFP as at that date.
| Dr | Cr | |
| Sales | 168,000 | |
| Purchases | 99,995 | |
| Inventory as at 1 April 2008 | 4,330 | |
| Premises | 75,000 | |
| Equipment | 18,500 | |
| Carriage inwards | 230 | |
| Carriage outwards | 195 | |
| Returns inwards | 375 | |
| Bank | 5,995 | |
| Cash in hand | 877 | |
| Wages | 9,500 | |
| Insurance | 750 | |
| Advertising | 205 | |
| Motor repairs | 590 | |
| Capital | 76,850 | |
| Drawings | 11,540 | |
| Returns outwards | 560 | |
| Vehicles | 12,000 | |
| Accounts receivable | 8,950 | |
| Accounts payable | 11,560 | |
| Miscellaneous expenses | 328 | |
| Rent | 3,260 | |
| Rates | 4,350 | |
| 25,6970 | 25,6970 |
Inventory as at 31 March 2009 was valued at 11,855
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Financial Accounting
Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby
4th Canadian Edition
0070001499, 9780070001497
