Question
The following is a trial balance of JAO traders as at 31/12/2009
The following is a trial balance of JAO traders as at 31/12/2009
Dr Cr
(Shs) (Shs)
Capital 170000
Opening stock 60000
Equipment at cost 125000
Purchases 161000
Sales 208000
Discounts 2000 8000
Returns 27000 25000
Salaries 20000
Telephone charges 5000
Water bills 2100
Creditors 15100
Debtors 21000
Electricity expenses 2000
Insurance paid 1000
426000 426000
Additional information
Closing stock was valued at Shs.72000
Telephone charges prepaid was Shs.1000 and outstanding water bills was Shs.1300
Depreciation on equipment is 10% p.a on cost
Carriage inwards was Shs.11000 and carriage outwards Shs.10000
Prepare trading and profit loss account for the year ending 31/12/2009
Step by Step Solution
3.52 Rating (155 Votes )
There are 3 Steps involved in it
Step: 1
The detailed answer for the above question is provided below JAO TRA...
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
College Accounting A Practical Approach
Authors: Jeffrey Slater, Brian Zwicker
11th Canadian Edition
132564440, 978-0132564441
