28.8 The following trial balance was extracted from the books of R Giggs at the close of businesson 28 February 20X7.DrCrfPurchases and sales92,8004,100324157,165Cash at bankCash in handCapital account 1 March 20X6DrawingsOffice furniture11,40017,1002,9003,40031,400RentWages and salariesDiscountsDebtors and creditors82016012,3164,1205,245Stock 1 March 20X6Provision for doubtful debts 1 March 20X6405Delivery vanVan running costsBad debts written off3,750615730174,375174,375Notes:(a) Stock 28 February 20X7 £2,400.(b) Wages and salaries accrued at 28 February 20X7 £340.(c) Rent prepaid at 28 February 20X7 £230.(d) Van running costs owing at 28 February 20X7 £72.(e) Increase the provision for doubtful debts by £91.(f) Provide for depreciation as follows: Office furniture f380; Delivery van £1,250.Required:Draw up the trading and profit and loss account for the year ending 28 February 20X7 togetherwith a balance sheet as on 28 February 20X7.

Financial statements are prepared to depict the profitability and financial position of company at…

28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 820 12,316 4,120 Rent Wages and salaries Discounts Debtors and creditors 160 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van 3,750

28.8 The following trial balance was extracted from the books of R Giggs at the close of business on 28 February 20X7. Dr Cr Purchases and sales 92,800 4,100 324 157,165 Cash at bank Cash in hand Capital account 1 March 20X6 Drawings Office furniture 11,400 17,100 2,900 3,400 31,400 820 12,316 4,120 Rent Wages and salaries Discounts Debtors and creditors 160 5,245 Stock 1 March 20X6 Provision for doubtful debts 1 March 20X6 405 Delivery van 3,750

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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