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Plz help me with this accounting problem. Thanks Sam Wong has been in business for many years. His accountant has extracted the following trial balance
Plz help me with this accounting problem. Thanks
Sam Wong has been in business for many years. His accountant has extracted the following trial balance from his books of account as at 31 March 20x8 Notes: The following additional information is to be taken into account: 1. Stock at 31 March 20x8 was valued at $150,000. 2. The insurance included $5,000 which was related to the year ended 31 March 20x9. 3. Depreciation is charged on office furniture at 10% per annum of its original cost it is assumed not to have any residual value). 4. $6,000 was further written off as bad debts for the year ended 31 March 20x8. 5. The provision for bad and doubtful debts is to be maintained at a level of 5% of outstanding trade debtors as at 31 March 20x8. 6. At 31 March 20x8, there was an amount accrued for salaries of $10,000 and office expenses $6,000. Required: Prepare Sam Wong's income statement for the year to 31 March 20x8 and draw up a balance sheet as at that date. Sam Wong has been in business for many years. His accountant has extracted the following trial balance from his books of account as at 31 March 20x8 Notes: The following additional information is to be taken into account: 1. Stock at 31 March 20x8 was valued at $150,000. 2. The insurance included $5,000 which was related to the year ended 31 March 20x9. 3. Depreciation is charged on office furniture at 10% per annum of its original cost it is assumed not to have any residual value). 4. $6,000 was further written off as bad debts for the year ended 31 March 20x8. 5. The provision for bad and doubtful debts is to be maintained at a level of 5% of outstanding trade debtors as at 31 March 20x8. 6. At 31 March 20x8, there was an amount accrued for salaries of $10,000 and office expenses $6,000. Required: Prepare Sam Wong's income statement for the year to 31 March 20x8 and draw up a balance sheet as at that date
Plz help me with this accounting problem. Thanks
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