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1997. The following trial balance was extracted from the books of William Rodney, a trader, at 31 December, Capital Drawings Debtors and Creditors Sales Purchases Rent and Rates Lighting and heating Salaries and wages Bad Debts Carriage inwards Returns inwards Returns outwards DEPARTMENT OF BUSISNESS ACCOUNTING ASSIGMENT Provision for bad debts at 31 December 1996 Stock-in-trade, 1 January 1997 Insurances General Expenses Bank Balance Motor vans at cost Provision for depreciation of vans at 31 December 1996 Proceeds of sale on van Motor expenses Freehold premises at cost Rent received Provision for depreciation-premises $ 2,148 7,689 64,423 880 246 8,268 247 9,274 172 933 8,000 675 907 861 15,000 119,723 ******* S 20,271 5,462 81,742 326 1,582 3,600 250 740 750 5,000 119,723 The following matters are to be taken into account: 1. The stock-in-trade at 31 December, 1997, $9,884. 2. Provision for bad debts to be increased to $388 amount should be transferred to motor expenses. 3. Included in the amount for insurances, $172 is an item for $82 for motor insurances and this 5. On 1 January 1997 a van which had been purchased for $1,000 on 1 January 1994 was sold for 4. Depreciation has been and is to be charged on vans at the annual rate of 20 per cent of cost 6. $300 is owing for salaries and wages at 31 December, 1997; rent paid in advance $$40. $250. The only record of the matter is the credit of $250 to proceeds of sale of van account. 7. Depreciate buildings $500. Required: A trading and profit and loss account for 1997 and a balance sheet at 31 December 1997.

1997. The following trial balance was extracted from the books of William Rodney, a trader, at 31 December, Capital Drawings Debtors and Creditors Sales Purchases Rent and Rates Lighting and heating Salaries and wages Bad Debts Carriage inwards Returns inwards Returns outwards DEPARTMENT OF BUSISNESS ACCOUNTING ASSIGMENT Provision for bad debts at 31 December 1996 Stock-in-trade, 1 January 1997 Insurances General Expenses Bank Balance Motor vans at cost Provision for depreciation of vans at 31 December 1996 Proceeds of sale on van Motor expenses Freehold premises at cost Rent received Provision for depreciation-premises $ 2,148 7,689 64,423 880 246 8,268 247 9,274 172 933 8,000 675 907 861 15,000 119,723 ******* S 20,271 5,462 81,742 326 1,582 3,600 250 740 750 5,000 119,723 The following matters are to be taken into account: 1. The stock-in-trade at 31 December, 1997, $9,884. 2. Provision for bad debts to be increased to $388 amount should be transferred to motor expenses. 3. Included in the amount for insurances, $172 is an item for $82 for motor insurances and this 5. On 1 January 1997 a van which had been purchased for $1,000 on 1 January 1994 was sold for 4. Depreciation has been and is to be charged on vans at the annual rate of 20 per cent of cost 6. $300 is owing for salaries and wages at 31 December, 1997; rent paid in advance $$40. $250. The only record of the matter is the credit of $250 to proceeds of sale of van account. 7. Depreciate buildings $500. Required: A trading and profit and loss account for 1997 and a balance sheet at 31 December 1997.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Could I get some assistance on how this is done please. Capital Drawings Debtors and Creditors Sales The following trial balance was extracted from the books of William Rodney, a trader, at 31 December, 1997. Purchases Rent and Rates Lighting and heating Salaries and wages Bad Debts Provision for bad debts at 31 December 1996 Stock-in-trade, 1 January 1997 Insurances General Expenses Bank Balance Motor vans at cost DEPARTMENT OF BUSISNESS ACCOUNTING ASSIGMENT Provision for depreciation of vans at 31 December 1996 Proceeds of sale on van Carriage inwards Returns inwards Returns outwards Motor expenses Freehold premises at cost Ć Rent received Provision for depreciation-premises $ 2,148 7,689 64,423 880 246 8,268 247 9,274 172 933 8,000 675 907 861 15,000 119,723 ******* $ 20,271 5,462 81.742 326 1,582 3,600 250 740 750 5,000 ------- 119,723 The following matters are to be taken into account: 1. The stock-in-trade at 31 December, 1997, $9,884 2. Provision for bad debts to be increased to $388 3. Included in the amount for insurances, $172 is an item for $82 for motor insurances and this amount should be transferred to motor expenses. 4 5. On 1 January 1997 a van which had been purchased for $1,000 on 1 January 1994 was sold for Depreciation has been and is to be charged on vans at the annual rate of 20 per cent of cost 6. $300 is owing for salaries and wages at 31 December, 1997; rent paid in advance $$40. $250. The only record of the matter is the credit of $250 to proceeds of sale of van account. 7. Depreciate buildings $500. Required: A trading and profit and loss account for 1997 and a balance sheet at 31 December 1997.
Transcribed Image Text:Could I get some assistance on how this is done please. Capital Drawings Debtors and Creditors Sales The following trial balance was extracted from the books of William Rodney, a trader, at 31 December, 1997. Purchases Rent and Rates Lighting and heating Salaries and wages Bad Debts Provision for bad debts at 31 December 1996 Stock-in-trade, 1 January 1997 Insurances General Expenses Bank Balance Motor vans at cost DEPARTMENT OF BUSISNESS ACCOUNTING ASSIGMENT Provision for depreciation of vans at 31 December 1996 Proceeds of sale on van Carriage inwards Returns inwards Returns outwards Motor expenses Freehold premises at cost Ć Rent received Provision for depreciation-premises $ 2,148 7,689 64,423 880 246 8,268 247 9,274 172 933 8,000 675 907 861 15,000 119,723 ******* $ 20,271 5,462 81.742 326 1,582 3,600 250 740 750 5,000 ------- 119,723 The following matters are to be taken into account: 1. The stock-in-trade at 31 December, 1997, $9,884 2. Provision for bad debts to be increased to $388 3. Included in the amount for insurances, $172 is an item for $82 for motor insurances and this amount should be transferred to motor expenses. 4 5. On 1 January 1997 a van which had been purchased for $1,000 on 1 January 1994 was sold for Depreciation has been and is to be charged on vans at the annual rate of 20 per cent of cost 6. $300 is owing for salaries and wages at 31 December, 1997; rent paid in advance $$40. $250. The only record of the matter is the credit of $250 to proceeds of sale of van account. 7. Depreciate buildings $500. Required: A trading and profit and loss account for 1997 and a balance sheet at 31 December 1997.
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