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a. Prepare all the double entry(T-Account) for the above transactions. b. Balance off the accounts and bring down the balances. c. Prepare a Trial Balance as at 31st March. d. Prepare Income Statement for the year ended 31st March. e. Prepare the Statement of Financial Position as at 31st March.

a. Prepare all the double entry(T-Account) for the above transactions. b. Balance off the accounts and bring down the balances. c. Prepare a Trial Balance as at 31st March. d. Prepare Income Statement for the year ended 31st March. e. Prepare the Statement of Financial Position as at 31st March.

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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REQUIRED: 

a. Prepare all the double entry(T-Account) for the above transactions.
b. Balance off the accounts and bring down the balances.
c. Prepare a Trial Balance as at 31st March.
d. Prepare Income Statement for the year ended 31st March.
e. Prepare the Statement of Financial Position as at 31st March.

EXERCISE 5. Henry York is a sole trader who keeps records of his cash and bank transactions in a three column cash book. His transactions for the month of March were as follows: March 1 Cash in hand £100, Cash at bank £5,672 4 York received a cheque for £1,246 from W Abbot which was paid directly into the bank. This represented sales. 6 Paid wages in cash £39 8 Sold goods for cash £152 10 Received cheque from G Smart for £315, in full settlement of a debt of £344; this was paid directly into the bank. 11 Paid sundry expenses in cash £73 14 Purchased goods by cheque for £800 18 Paid J Sanders a cheque of £185 in full settlement of a debt of £201 23 Withdrew £100 from the bank for office purposes 24 Paid wages in cash £39 26 Sold goods for cash £94 28 Paid salaries by cheque £230 31 Retained cash amounting to £150 and paid the remainder into the bank Required: (a) Enter the above transactions within T-accounts and bring down the balances. (b) Assuming no opening debtors, creditors or stock, prepare a trading and profit and loss account for the month of March.
Transcribed Image Text:EXERCISE 5. Henry York is a sole trader who keeps records of his cash and bank transactions in a three column cash book. His transactions for the month of March were as follows: March 1 Cash in hand £100, Cash at bank £5,672 4 York received a cheque for £1,246 from W Abbot which was paid directly into the bank. This represented sales. 6 Paid wages in cash £39 8 Sold goods for cash £152 10 Received cheque from G Smart for £315, in full settlement of a debt of £344; this was paid directly into the bank. 11 Paid sundry expenses in cash £73 14 Purchased goods by cheque for £800 18 Paid J Sanders a cheque of £185 in full settlement of a debt of £201 23 Withdrew £100 from the bank for office purposes 24 Paid wages in cash £39 26 Sold goods for cash £94 28 Paid salaries by cheque £230 31 Retained cash amounting to £150 and paid the remainder into the bank Required: (a) Enter the above transactions within T-accounts and bring down the balances. (b) Assuming no opening debtors, creditors or stock, prepare a trading and profit and loss account for the month of March.
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