Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

the following bank account transactions were obtained from the books of Southside Cricket Club for the year ending 2 0 1 6 December 3 1

the following bank account transactions were obtained from the books of Southside Cricket Club for the year ending 2016 December 31. Debit: balance b/d $8000, subscriptions $29200, Donations $8900, Sale of team shirts $13500, sale of cricket training equipment (NBV $2200) $2600. CREDIT: rent of park $17200, new cricket training equipment $6400, wages $6000, utilities 4000, cost of team shirts being sold $7000, postages and stationery $3600, sundry expenses $5000. Additional information: 2016 January 1: Subscriptions paid in advance $800, subscriptions owing $400, cricket training equipment (Book Value) $6600, stock of team shirts $1200.2016 December 31: subscriptions paid in advance $1600, cricket training equipment (book value) $10800, stock of team shirts $1400.1. Prepare the trading account.(vertical format)2. prepare the income and expenditure account. (vertical format)3. prepare the balance sheet (vertical format)

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

Accounting Information Systems Connecting Careers Systems And Analytics

Authors: Arline A. Savage, Danielle Brannock, Alicja Foksinska

1st Edition

1119744474, 9781119744474

More Books

Students also viewed these Accounting questions