An extracted trial balance for sole trader B Moore. as at 30September 2021 is as follows: B Moore DR CR Trial Balance as at30 September 2021 Cash at bank 45,000 Cash in hand 6,800 Accounts receivable (Debtors) 8,000 Accounts payable (Creditors) 14,500 Inventory (Stock): 30 September 2020 18,000 Car 25,000 Drawings 7,500 Fixtures and Fittings 18,500 Sales 95,000 Purchases 110,000 Return inwards (Sales Returns) 3,500 Carriage inwards 890 Returns outwards (Purchase Returns) 720 Carriage outwards 500 Motor expenses 1,400 Rent 7,000 Telephone charges 830 Wages and salaries 14,000 Insurance 1030 Office expenses 800 Sundry expenses 250 Capital 158,700 269.000 269.000 Inventory as at 30 September 2021 as £13,000. Required Prepare an Income Statement for B Moore for the year ending 30th September 2021 a. b. The following table shows the profitlloss for B Moore profitable since year 2013. Year 2013 2014 2015 2016 2017 2018 2019 2020 Profit/Loss 55800 77,100 85,500 98,400 87,600 97,200 112,400 (65,400) Due to the coronavirus pandemic, comparing the above years Income Statements, explain whether ou predict increase/decrease on the loss/profit of the year 2022. (Maximum of 200 words).

An extracted trial balance for sole trader B Moore. as at 30September 2021 is as follows: B Moore DR CR Trial Balance as at30 September 2021 Cash at bank 45,000 Cash in hand 6,800 Accounts receivable (Debtors) 8,000 Accounts payable (Creditors) 14,500 Inventory (Stock): 30 September 2020 18,000 Car 25,000 Drawings 7,500 Fixtures and Fittings 18,500 Sales 95,000 Purchases 110,000 Return inwards (Sales Returns) 3,500 Carriage inwards 890 Returns outwards (Purchase Returns) 720 Carriage outwards 500 Motor expenses 1,400 Rent 7,000 Telephone charges 830 Wages and salaries 14,000 Insurance 1030 Office expenses 800 Sundry expenses 250 Capital 158,700 269.000 269.000 Inventory as at 30 September 2021 as £13,000. Required Prepare an Income Statement for B Moore for the year ending 30th September 2021 a. b. The following table shows the profitlloss for B Moore profitable since year 2013. Year 2013 2014 2015 2016 2017 2018 2019 2020 Profit/Loss 55800 77,100 85,500 98,400 87,600 97,200 112,400 (65,400) Due to the coronavirus pandemic, comparing the above years Income Statements, explain whether ou predict increase/decrease on the loss/profit of the year 2022. (Maximum of 200 words).

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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