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alation in each question) The following is the trial balance J. Leung as at 30 September 2020: Capital Drawings Loan from A. Mak Cash Bank overdraft Sales Purchases Debit S 5,200 510 29,300 Credit S 32,890 10,000 1,720 45,600

alation in each question) The following is the trial balance J. Leung as at 30 September 2020: Capital Drawings Loan from A. Mak Cash Bank overdraft Sales Purchases Debit S 5,200 510 29,300 Credit S 32,890 10,000 1,720 45,600

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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Section B ONE long question (Show all of your workings and calculation in each question) Question 1 The following is the trial balance J. Leung as at 30 September 2020: Capital Drawings Loan from A. Mak Cash Bank overdraft Sales Purchases Returns Inwards Returns outwards Carriage inwards Carriage outwards Trade debtors Trade creditors Land and buildings Plant and machinery Listed investments Interest paid Interest received Rent received Inventory Repairs to buildings Plant hire charges Bank charges Further information: 1. The inventory at 30 September 2020 was valued at $4,580. 2. The loan from A.Mak is repayable on 1 January 2027. Debit $ 5,200 510 29,300 3,800 960 820 7,390 26,000 13,500 4,800 1,200 3,720 810 360 240 98,610 Credit $ 32,890 10,000 1,720 45,600 2,700 4,620 450 630 98,610 You are required to prepare the income statement for the period ended 30 September 2020 and the statement of financial position as at that date.
Transcribed Image Text:Section B ONE long question (Show all of your workings and calculation in each question) Question 1 The following is the trial balance J. Leung as at 30 September 2020: Capital Drawings Loan from A. Mak Cash Bank overdraft Sales Purchases Returns Inwards Returns outwards Carriage inwards Carriage outwards Trade debtors Trade creditors Land and buildings Plant and machinery Listed investments Interest paid Interest received Rent received Inventory Repairs to buildings Plant hire charges Bank charges Further information: 1. The inventory at 30 September 2020 was valued at $4,580. 2. The loan from A.Mak is repayable on 1 January 2027. Debit $ 5,200 510 29,300 3,800 960 820 7,390 26,000 13,500 4,800 1,200 3,720 810 360 240 98,610 Credit $ 32,890 10,000 1,720 45,600 2,700 4,620 450 630 98,610 You are required to prepare the income statement for the period ended 30 September 2020 and the statement of financial position as at that date.
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