71Bank loanCash at BankCapitalDrawings PInventory23J.Choo is a sole trader in the designer shoe business. The following trial balancewas extracted from his books at the financial year end 30 November 2019:Sales revenueSales returnsCost of salesFreight chargesCommission IncomeRentMotor vehicleAccumulated depreciation on Motor VehiclesSalaryUtilitiesGeneral expenseTrade receivablesTrade payablesAllowance for impairment loss of Trade ReceivablesAdditional information(a)(b)REQUIREDDr ($)11025 680590(en) honu 24 000(aon) aprite b 40 00010 3002 7505 0002.700(or 5 030Cr ($)54 7003 00012 700eldellavs el noitermoint forcohibba 131 8601 96011 1004 00010020 000Owner had taken a pair of shoe worth $800, as a gift to his wife.One quarter of loan is due on 31 December 2019.40 000131 860A missing sales invoice worth $1 000 was discovered. No entries hadbeen made.Prepare the statement of financial performance for the year ended 30November 2019.Prepare the statement of financial position as at 30 November 2019.OOL

Working note: Owner taken a pair of $800 it's increase drawing and decrease inventory. Loan of…

7 1 2 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: 3 Sales revenue Sales returns Cost of sales Freight charges Commission Income Capital Drawings Ber Inventory Rent Motor vehicle Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank Additional information (a) Dr ($) Cr ($) 54 700 REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 131 860 1 960 11 100 4 000 100 20 000 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. OOL

7 1 2 J.Choo is a sole trader in the designer shoe business. The following trial balance was extracted from his books at the financial year end 30 November 2019: 3 Sales revenue Sales returns Cost of sales Freight charges Commission Income Capital Drawings Ber Inventory Rent Motor vehicle Accumulated depreciation on Motor Vehicles Salary Utilities General expense Trade receivables Trade payables Allowance for impairment loss of Trade Receivables Bank loan Cash at Bank Additional information (a) Dr ($) Cr ($) 54 700 REQUIRED 110 25 680 590 24 000 40 000 10 300 2 750 5 000 2.700 5 030 3 000 12 700 131 860 1 960 11 100 4 000 100 20 000 Owner had taken a pair of shoe worth $800, as a gift to his wife. One quarter of loan is due on 31 December 2019. 40 000 131 860 A missing sales invoice worth $1 000 was discovered. No entries had been made. Prepare the statement of financial performance for the year ended 30 November 2019. OOL

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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Net profit? Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and heating expenses Motor expenses Salaries and wages Sales Purchase Sundry expenses Lorry Account payable Account receivable Fixtures Shop Cash at bank Drawings Capital TOTAL Debit (RM) Credit (RM) 940 1,804 1,990 2,350 48,580 382,420 245,950 624 19,400 23,408 44,516 4,600 174,000 11,346 44,000 194,272 600,100 600.100
journalize these receivable accounts (accounts receivable, notes receivable, or other receiveable on a balance sheet please. 1. advanced $10,000 cash to an officer 2. person from question 1 cant pay in 39 days window and has issued a 64000 note to us 3. received a promissory note of 57000 for sale of inventory
Question 1 Hala Ahmed is a sole trader. Here is her trial balance as at 31 December 2019. Trial balance for Hala Ahmed as at 31 December 2019 Debit £ Capital Drawings Bank loan Cash at bank Equipment at cost Accumulated depreciation- Equipment Fixtures at cost Accumulated depreciation- Fixtures Receivables Allowance for receivables Payables Inventory (as at 1 January 2019) Sales Purchases Insurance Rent Loan interest Miscellaneous expenses 80,000 176,625 25,000 175,000 465,000 180,000 1,600,000 9,000 50,000 37,500 38,500 2.836.625 Credit £ 96,500 250,000 12,000 83,125 10,000 525,000 1,860,000 Total Additional information is provided for use in preparing the company's adjustments: 1. The value of closing inventory is £340,000. 2. There is an accrual for rent of £10,000. 3. On March 1, 2019, the company purchased a 12-month insurance policy for £9,000. 4. Office equipment has a residual value of £1,000. It is to be depreciated on a straight-line basis at a rate of 25 percent. 5. Fixtures…
II. The following Trial Balance is from the books of accounts of Chayada Traders for the period ending 31st March 2021. Particulars Chayada's drawings Furniture and Fittings Sales Return Discount Allowed Insurance Premium General Expenses Salaries Business Premises Commission paid Stock on 1st April 2020 Transport Expenses Bad Debts written off Sundry Debtors Purchases Cash in hand Cash at Bank Annexure 2 Dr. (in B) 50000 26000 20000 16000 20000 40000 90000 200000 22000 220000 18000 8000 180000 1100000 50000 30000 2090000 Particulars Chayada's Capital Bank Overdraft Sales Creditors Discount Received Rent Received Long-term Loan Cr. (in B) 300000 42000 1500000 138000 20000 10000 80000 2090000 Prepare an income statement for the year ended 31st March 2021 and a Balance Sheet as of that date after accounting for the following adjustments: Additional Information: 1. Closing Stock as of 31st March 2021 $ 200600 whereas its net realizable value (market value) was $ 205000. 2. Depreciate…
PA6. LO 8.5 Prepare a trial balance using the journal entries in the Problem PA5.
3. The following is the trial balance of Aroro Enterprise as at 31 August 2019 Debit (RM) Credit (RM) 48,400 Particulars Capital Drawings Trade receivables Trade payables Sales Purchases Sales returns Purchases returns Wages and salaries Discounts allowed Discounts received Provision for doubtful debts Insurance Inventory as at 1 September 2018 Utilities Rates Premises Fixtures and fittings Motor van Cash in hand Cash at bank ТOTAL 3,500 9,000 12,500 40,400 31,000 300 250 5,600 120 200 300 700 2,400 950 350 10,000 3,000 20,000 330 14,800 102.050 102,050 Additional information as at 31 August 2019: i. Inventory as at 31 August 2019 amounted RM3,300 ii. An entity from whom there is accounts receivables of RM200 was unable to settle his debt and this amount is to be written off as bad debts. iii. The provision for doubtful debts is 1% of the outstanding trade receivables. iv. The owner took RM100 worth of goods from the business for his own use Required: a) Statement of Profit or Loss and…
Question (1) Draw up W Pentecost's complete Statement of financial Position from the following incomplete data at 30 June Year 9. Your answer should the missing $ Cash at bank 2614 Payables 4150 Goods 5860 heint Online Cles Fixtures and fittings 1900 Receivables 3750 Motor Vehicles 4200 Loan from D Galbraith 3600
Question 1 Jenny Lee operates a store and sells items on cash and credit to her customers. The following trial balance was extracted from her records: Jenny Lee Trial Balance as at 2019 March 31 Debit Credit S S Purchases and sales 224 000 419 700 51 600 Inventory (2018 April 01) Capital (2018 April 01) 72 000 43 500 Bank overdraft Cash 900 Carriage inwards 4 600 Discounts allowed and received 400 9 300 8100 5 700 Returns inwards and outwards Carriage outwards 21 600 Rent and insurance 17 400 Provision for doubtful debts 6600 20 000 Office equipment Delivery vans Drawings 27 000 28 800 Bad debts written off 400 4.500 General office expenses Provision for depreciation: 8 000 Office equipment Delivery vans 5400 Wages and salaries 89 000 Receivables and payables 119 100 61 200 631 400 631 400 Additional information: i. Inventory as at 2019 March 31 was valued at $42 900. ii. Wages and salaries accrued $2 100 and office expenses owing $200 as at 2019 March 31. iii. Rent prepaid was $1 800…
JANE MARSHALL – LEDGER ACCOUNTS AND TRIAL BALANCE Jane Marshall has set up trading on 5 June 20X9 by paying $6,200 into a business bank account. Her early transactions are as follows: (a) Sale on credit for $441 (b) Purchase on credit for $237 (c) Payment of rent by cheque of $180 (d) Sale on credit for $118 (e) Sale for cash of $52 (f) Purchase on credit of $162 (g) Payment of wages in cash of $56 (h) Purchase for cash of $66 (i) Sale on credit of $97 (j) Payment to payables totalling $237 (k) Withdrawal of $100 in cash by the owner (l) Receipt from receivables totalling $215 (m) Receipt of a loan of $1,000 from the bank. Required For each of these transactions indicate which ledger account would be debited and which would be credited in the table given below, then prepare the trial balance for the business Transactions Account to be debited Account to be credited (a) (b) ……. Trial balance as at… Cash and bank Capital Sales…
On December 1, 2022 Pharoah Company had the following account balances. Cash Notes Receivable Accounts Receivable Inventory Prepaid Insurance Equipment (a) 12 17 During December, the company completed the following transactions. 19 22 26 31 Dec. 7 Received $3,640 cash from customers in payment of account (no discount allowed). Purchased merchandise on account from Green Co. $12,800, terms 1/10, n/30. Sold merchandise on account $15,600, terms 2/10, n/30. The cost of the merchandise sold was $10,200. Debits $18,100 Date 2,300 7,690 15,500 1,620 30,800 + $76,010 + Accumulated Depreciation-Equipment Accounts Payable Common Stock Retained Earnings Paid salaries $2,030. Paid Green Co. in full, less discount. Received collections in full, less discounts, from customers billed on December 17. Received $2,650 cash from customers in payment of account (no discount allowed). Credits Journalize the December transactions. (Assume a perpetual inventory system.) (Credit account titles are…
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I need help in BE 7.3. in Accounting.