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The following is Pamela's trial balance as at 30 April 2018: Dr Cr Bank (overdraft) 14,000 Insurance 4,000 Capital 64,000 Stock (at 1 May 2017)
The following is Pamela's trial balance as at 30 April 2018: Dr Cr Bank (overdraft) 14,000 Insurance 4,000 Capital 64,000 Stock (at 1 May 2017) 10,000 Drawings 20,000 Electricity 2,000 Carriage Inward 2,000 Furniture at cost 18,000 Miscellaneous expenses 56,000 Sales Return 4,000 Interest received 2,000 Purchases 100,000 Sales 130,000 Purchase Return 10,000 Trade creditors 20,000 Trade debtors 24,000 240,000 240,000 Additional information: 1. Stock at 30 April 2018 was $8,000. Required: 1. Prepare Pamela's Trading Account for the year to 30 April 2018 (12 marks) 2. Calculate Total Assets (note: calculations must be listed/showed) (3 marks) 3. Calculate Total Liabilities (note: calculations must be listed/showed) (2 Marks)
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