ABC Traders Trial Balance at 31 December 20.1 Dr. Cr. Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300 Discounts Allowed and Received 4,400 5,500 Debtors and Creditors 66,000 77,000 Drawing and Capital 136,700 410,000 Stock 1 January 20.1 55,500 Carriage on Sales 21,000 Carriage on Purchases 34,500 Wages and Salaries 78,900 Rates and Insurance 12,300 Telephone and Postage 11,100 Electricity and Water 6,500 Furniture and Fittings 48,000 Loose Tools 7,500 Cars and Lorries 145,000 Land and Buildings 500,000 Bad debts Written off 6,600 Rent income 28,200 Commission 30,100 Provision for Bad debts 1,700 Provision for Depreciation on Furniture/Fittings 6,000 Provision for Depreciation on Cars and Lorries 14,000 2,000,000 2,000,000 Additional information Adjust provisions for bad debts to 2% of debtors. Provide 20% depreciation on the book value of cars and lorries, and 15% on the cost of furniture and fittings. Revalue loose tools at Shs.5, 800. Accrued salaries Shs.4, 100, Telephone Shs.1, 250 and Rates Shs.850. Prepaid insurance, Shs.1, 100, unused postage stamps. Shs.100. Rent received in advance, Shs.2, 800. Commission accrued, Shs.3, 900. Stock on 31 December 20.1, Shs.48, 900. Extract a balance sheet
ABC Traders
|
Dr. Cr. |
|
Purchases/Sales 843,800 1,394,200 |
|
Return in and Out 22,200 33,300 |
|
Discounts Allowed and Received 4,400 5,500 |
|
Debtors and Creditors 66,000 77,000 |
|
Drawing and Capital 136,700 410,000 |
|
Stock 1 January 20.1 55,500 |
|
Carriage on Sales 21,000 |
|
Carriage on Purchases 34,500 |
|
Wages and Salaries 78,900 |
|
Rates and Insurance 12,300 |
|
Telephone and Postage 11,100 |
|
Electricity and Water 6,500 |
|
Furniture and Fittings 48,000 |
|
Loose Tools 7,500 |
|
Cars and Lorries 145,000 |
|
Land and Buildings 500,000 |
|
|
|
Rent income 28,200 |
|
Commission 30,100 |
|
Provision for Bad debts 1,700 |
|
Provision for |
|
Provision for Depreciation on Cars and Lorries 14,000 |
|
2,000,000 2,000,000 |
Additional information
- Adjust provisions for bad debts to 2% of debtors.
- Provide 20% depreciation on the book value of cars and lorries, and 15% on the cost of furniture and fittings. Revalue loose tools at Shs.5, 800.
- Accrued salaries Shs.4, 100, Telephone Shs.1, 250 and Rates Shs.850.
- Prepaid insurance, Shs.1, 100, unused postage stamps. Shs.100.
- Rent received in advance, Shs.2, 800.
- Commission accrued, Shs.3, 900.
- Stock on 31 December 20.1, Shs.48, 900.
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