Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help. The following trial balance of C. David was extracted as at 31 March 2018: Dr Cr 11,423 98,787 Inventory as at 1 April

image text in transcribed

image text in transcribed

Please help.

The following trial balance of C. David was extracted as at 31 March 2018: Dr Cr 11,423 98,787 Inventory as at 1 April 2017 Sales Purchases Heating and lighting Wages Distribution costs Machine repairs Discounts allowed Machinery Vehicles Provision for doubtful debts Bad debts Trade receivables Trade payables Bank Loan (repayable in 2022) Capital Drawings 79,121 893 7,121 2,321 989 864 25,400 9,250 280 187 6,000 5,402 1,400 10,000 39,000 8,500 153,469 153,469 Notes: (1) Inventory in trade was valued at $13.490. (1) Accruals were as follows: (a) Wages $1,120 (b) Distribution costs 435 (c) Machine repairs 87. (1) Heating and lighting prepaid was 134. (iv) The provision for doubtful debts is to be maintained at 1 of trade receivables (iii) Heating and lighting prepaid was $131. (iv) The provision for doubtful debts is to be maintained at 1% of trade receivables. Requirement: Draw up the Statement of financial Position & the Balance sheet as at March 31st 2018. Remember to Include the adjustments from the notes in the statements

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_2

Step: 3

blur-text-image_3

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

Accounting Business Reporting For Decision Making

Authors: Jacqueline Birt, Keryn Chalmers, Suzanne Maloney, Albie Brooks, Judy Oliver

6th Edition

978-0730363415, 0730363414

More Books

Students also viewed these Accounting questions

Question

=+d) Which mutual fund would you invest in and why?

Answered: 1 week ago

Question

draft a research report or dissertation;

Answered: 1 week ago