Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve it in 30 mins I will thumb you up please fast Question 3 From the following trial balance of John Brown, grocery store

image text in transcribed

please solve it in 30 mins I will thumb you up please fast

Question 3 From the following trial balance of John Brown, grocery store owner, prepared an Income Statement for the year ended 31 December 2020, and a Statement of Financial Position as at 31 December 2020, taking into consideration the adjustments shown below. Adjustments: i. Closing stock on 31 December 2020, $12,000. ii. Accrued wages $500. iii. Rates prepaid, $50. iv. The provision for doubtful debts to be increased to 10% of debtors. v. Telephone account outstanding, \$22. vi. Depreciate shop fittings at 10% per annum, and van at 20% per annum, using the reducing balance method

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

Internal Auditing In Savings And Credit Cooperative Societies

Authors: Daniel Njuguna

1st Edition

B0C8SCJKRT, 979-8223128649

More Books

Students also viewed these Accounting questions