Question
The following trial balance was extracted from the books of Kigumo Enterprises for the year ended 31/12/2014. KIGUMO ENTERPRISES TRIAL BALANCE AS AT 31 ST
The following trial balance was extracted from the books of Kigumo Enterprises for the year ended
31/12/2014.
KIGUMO ENTERPRISES
TRIAL BALANCE
AS AT 31ST DEC. 2014
|
| DR (shs) | CR(shs) |
| Capital |
| 250,000 |
| Drawings | 33,000 |
|
| Opening stock | 47,000 |
|
| Purchases | 300,000 |
|
| Sales |
| 420,000 |
| Returns inward | 4,000 |
|
| Returns outward |
| 7,000 |
| Carriage outward | 10,000 |
|
| Carriage inward | 28,000 |
|
| Discount allowed | 4,000 |
|
| Furniture | 25,000 |
|
| Motor vehicle | 145,000 |
|
| Creditors |
| 55,000 |
| Discount received |
| 14,000 |
| Premises | 100,000 |
|
| debtors | 50,000 | _______ |
|
| 746,000 ====== | 746,000 ====== |
Closing stock was valued at shs 55,000 while depreciation on motor vehicles was shs 15,000
Required:
Trading and profit and loss account for the year ended 31st Dec. 2014.
Balance sheet as at 31st Dec. 2014
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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
Cost Accounting
Authors: William K. Carter
14th edition
759338094, 978-0759338098
