Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The LGE is a retail trader in Londrina. The firm has provided the following accounts details for 2 0 2 2 . Cashbook List of

The LGE is a retail trader in Londrina. The firm has provided the following accounts
details for 2022.
Cashbook
List of balances
Additional notes:
i. The machinery that was sold had a book value of 15,000
ii. Discounts of 3,450 were allowed to credit customers
Required
a) How much was the capital at January 1,2022?11 marks
b) Determine the amount for total sales, and total purchases. 9.5 marks
c) How much was wages, office expense, and rates for the year? 7.5 mks
d) How much was investment income for the year? 2.5 marks
e) What is the gain or loss on the machinery disposed? 2 marks
f) How much is to be charged as depreciation for the equipment, machinery, and motor vehicle for the year? 6.5 marks
g) Prepare the trial balance as at December 31,2022.26marks
image text in transcribed

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

10th edition

78025664, 978-0078025662

More Books

Students also viewed these Accounting questions

Question

Repeat Problem 26 using MSP (omit calculation of CPI and SPI).

Answered: 1 week ago

Question

= x 32x2 4 2X3 1 6) y = In

Answered: 1 week ago