I want solutions to Patsy knight Accounting question. The different financial statements.
Further checks revealed the following during 2018: select Badda er. Bad ne peos During the financial year a trade debt of S10,200 owed by Linda Grayson was offset against the $20,000 owing to the same Linda Grayson a trade creditor, 19800 In addition to the goods returned above, Jane Hutton, a cash sales customer recomed goods during the financial year amounting to $7.000. Jane Hutton was repaid her $7,000 from the daily cash sales. This was not yet reflected in the business records. Patsy Knight grants a credit period of 30 days to customers. The closing trade receivables' balance includes a debt of $8.000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks' vacation in February 2018. On December 31, 2018 Favela was still in the USA Patsy Knight keeps a cash float of S10,000 for change in his retail outlct. Excess cash is deposited in the bank account and cash shortfall is taken from the bank The accounting fee for preparing the 2018 financial statements is estimated at $45,000. penses The following additional information is also available: 1 January 31 December 2018 2018 S S Inventories 8,300 9,400 4700Go -00 Machinery 19,800 40.400 S 200 DE Rent paid in advanced 1.000 780 Rent outstanding 1,050 Trade receivables 18.100 19.200 8000+800 Trade payables 15,700 24 14,800 9800 120 Loan from bank at 10% 17,000 17,000 Loan interest owing 750 Required: + Accrued 'y-Shenell a) Prepare a statement of affair to show Patsy Knight's capital on 1 January 2018 b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2018. - me c) Prepare the Income Statement for the year ended 31 December, 2018 Statement of changes in owner's equity for the year ended 31 December 2018. - B) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018 h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018 470, 380= 83,700 + 386,690 -sales & Cash Sales purchases 3 Further cheeks revented the following during 2018, sel off Conta . During the financial year a trude debt of $10,200 owed by Linda Grayson was offset against the $20.000 owing to the same Linda Grayson a trade creditor 19800 In addition to the goods returned above. Jane Hutton, a cash sales customer returned goods during the Anancial year amounting to $7,000. Jane Hutton was repaid her $7.000 from the daily cash sales. This was not yet reflected in the business records Patsy Knight grunts a credit period of 30 days to customers. The closing trade 18 receivables' balonce includes a debt of $8,000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks vacation in February 2018. On December 31, 2018 Favela was still in the USA Dr. Bad dearl CR. Recewables, Patsy Knight keeps a cash float of $10,000 for change in his retail outlei. Excess cash is deposited in the bank account and cash shortfol is taken from the bank. The accounting fee for preparing the 2018 financial statements is estimated al 45,000. expenses The following additional information is also available: 1 January 31 December 2018 2018 S S Inventorics 8,300 9,400-700 (900 Machinery 19,800 40,400 S200 DPD Rent paid in advanced 1.000 Rent outstanding 1,050 Trade receivables 18,100 19,200-8000+800 Trade payables 15,700 a 14,800 Loan from bank at 10% 17,000 17,000 Loan interest owing 750 Required: 1200 Aconced a) Prepare a statement of affair to show Patsy Knight's capital on 1 January 2018, b) Prepare the Trade receivables.com Account Y - Shenell cpayables Control d) Extract a trial balance as at December 31, 2018 c) Prepare the Income Statement for the year ended 31 December, 2018 - 0 Statement of changes in owner's cquity for the year ended 31 December, 2018. - g) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018 h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018 470, 380 = 83,700 + 386,680 - Sales & Cash sales Mary rece hun Se Credit note issued by Patsy Knight The following are summaries or the cush hook and bank accounts of Patsy Knight, a solo proprietor, who does not keep her books using the double entry system Bank Summary S Balance on 1 January 2018 60,000 Receipts: Gc Receivables 350,000 Cash bank 22 200 372,200 432,200 Payments: Trade payables 310,000 = 10 Rent 10,100 Machinery 30,400 Wages 90,200 Insurance 8,050 so Customers (dishonoured cheque) 800 Loan interest OSO 450.500) Balance on December 2018 Cash Summary S Balance on 1 January 2018 10,000 Receipts: Cash sales - 1000 90.700 Scro Receivubles 10.100 110,800 5.100 Payments: Drawings 60,600 TO 200 Repairs 10,400 Electricity 5,070 BOLO Cash banked 22,200 (98,270) 109470 Balance on December 2018 12,530 The following referred to 2018 Goods withdrawn by Patsy Knight for own use 118,300] -audi alle S 100 800 930 S statement 2,040 expense, 9000 Jeu Discounts allowed by trade suppliers SDiscounts allowed to trade customers Goods returned to trade suppliers ScBad debis witen of 5%60 Ticare proving 10,200-drawings 6,040 decrease in Recewah 4,040 decrease in sales refund 8,000 6,900 Further checks revealed the following during 2018: select Badda er. Bad ne peos During the financial year a trade debt of S10,200 owed by Linda Grayson was offset against the $20,000 owing to the same Linda Grayson a trade creditor, 19800 In addition to the goods returned above, Jane Hutton, a cash sales customer recomed goods during the financial year amounting to $7.000. Jane Hutton was repaid her $7,000 from the daily cash sales. This was not yet reflected in the business records. Patsy Knight grants a credit period of 30 days to customers. The closing trade receivables' balance includes a debt of $8.000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks' vacation in February 2018. On December 31, 2018 Favela was still in the USA Patsy Knight keeps a cash float of S10,000 for change in his retail outlct. Excess cash is deposited in the bank account and cash shortfall is taken from the bank The accounting fee for preparing the 2018 financial statements is estimated at $45,000. penses The following additional information is also available: 1 January 31 December 2018 2018 S S Inventories 8,300 9,400 4700Go -00 Machinery 19,800 40.400 S 200 DE Rent paid in advanced 1.000 780 Rent outstanding 1,050 Trade receivables 18.100 19.200 8000+800 Trade payables 15,700 24 14,800 9800 120 Loan from bank at 10% 17,000 17,000 Loan interest owing 750 Required: + Accrued 'y-Shenell a) Prepare a statement of affair to show Patsy Knight's capital on 1 January 2018 b) Prepare the Trade receivables Control Account c) Prepare the Trade payables Control Account d) Extract a trial balance as at December 31, 2018. - me c) Prepare the Income Statement for the year ended 31 December, 2018 Statement of changes in owner's equity for the year ended 31 December 2018. - B) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018 h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018 470, 380= 83,700 + 386,690 -sales & Cash Sales purchases 3 Further cheeks revented the following during 2018, sel off Conta . During the financial year a trude debt of $10,200 owed by Linda Grayson was offset against the $20.000 owing to the same Linda Grayson a trade creditor 19800 In addition to the goods returned above. Jane Hutton, a cash sales customer returned goods during the Anancial year amounting to $7,000. Jane Hutton was repaid her $7.000 from the daily cash sales. This was not yet reflected in the business records Patsy Knight grunts a credit period of 30 days to customers. The closing trade 18 receivables' balonce includes a debt of $8,000 from Favela Brown. The goods were sold to Favela in November 2017. Favela went to the United States of America for a two (2) weeks vacation in February 2018. On December 31, 2018 Favela was still in the USA Dr. Bad dearl CR. Recewables, Patsy Knight keeps a cash float of $10,000 for change in his retail outlei. Excess cash is deposited in the bank account and cash shortfol is taken from the bank. The accounting fee for preparing the 2018 financial statements is estimated al 45,000. expenses The following additional information is also available: 1 January 31 December 2018 2018 S S Inventorics 8,300 9,400-700 (900 Machinery 19,800 40,400 S200 DPD Rent paid in advanced 1.000 Rent outstanding 1,050 Trade receivables 18,100 19,200-8000+800 Trade payables 15,700 a 14,800 Loan from bank at 10% 17,000 17,000 Loan interest owing 750 Required: 1200 Aconced a) Prepare a statement of affair to show Patsy Knight's capital on 1 January 2018, b) Prepare the Trade receivables.com Account Y - Shenell cpayables Control d) Extract a trial balance as at December 31, 2018 c) Prepare the Income Statement for the year ended 31 December, 2018 - 0 Statement of changes in owner's cquity for the year ended 31 December, 2018. - g) Prepare a COMPARATIVE Statement of Financial Position as at 31 December, 2018 h) Prepare a Statement of Cash Flow for the year ended 31 December, 2018 470, 380 = 83,700 + 386,680 - Sales & Cash sales Mary rece hun Se Credit note issued by Patsy Knight The following are summaries or the cush hook and bank accounts of Patsy Knight, a solo proprietor, who does not keep her books using the double entry system Bank Summary S Balance on 1 January 2018 60,000 Receipts: Gc Receivables 350,000 Cash bank 22 200 372,200 432,200 Payments: Trade payables 310,000 = 10 Rent 10,100 Machinery 30,400 Wages 90,200 Insurance 8,050 so Customers (dishonoured cheque) 800 Loan interest OSO 450.500) Balance on December 2018 Cash Summary S Balance on 1 January 2018 10,000 Receipts: Cash sales - 1000 90.700 Scro Receivubles 10.100 110,800 5.100 Payments: Drawings 60,600 TO 200 Repairs 10,400 Electricity 5,070 BOLO Cash banked 22,200 (98,270) 109470 Balance on December 2018 12,530 The following referred to 2018 Goods withdrawn by Patsy Knight for own use 118,300] -audi alle S 100 800 930 S statement 2,040 expense, 9000 Jeu Discounts allowed by trade suppliers SDiscounts allowed to trade customers Goods returned to trade suppliers ScBad debis witen of 5%60 Ticare proving 10,200-drawings 6,040 decrease in Recewah 4,040 decrease in sales refund 8,000 6,900
