Capital Sales Bank overdraft Vehicles Advertising Inventory (01/12/04) Cartage inwards Drawings Mortgage Commission revenue Sales wages Delivery van expense Sales returns Purchases returns Insurance Accounts receivable Petty cash Office salary Discount expense Interest expense Accounts payable Inventory (31/12/04) Purchases Short term loan Discount revenue Equipment Buildings Land Rent revenue Government bonds Required: I. Trading Account II. Profit and Loss Account III. Income Statement IV. Balance Sheet Remedial Exercise Accounts 71,250 3,000 230 10,000 1,000 20,000 100 250 10,000 900 1,300 1,000 200 100 200 3,000 500 200 10 20 345 19,000 1,150 600 5 10,000 15,000 15,000 2,500 10,000

Capital Sales Bank overdraft Vehicles Advertising Inventory (01/12/04) Cartage inwards Drawings Mortgage Commission revenue Sales wages Delivery van expense Sales returns Purchases returns Insurance Accounts receivable Petty cash Office salary Discount expense Interest expense Accounts payable Inventory (31/12/04) Purchases Short term loan Discount revenue Equipment Buildings Land Rent revenue Government bonds Required: I. Trading Account II. Profit and Loss Account III. Income Statement IV. Balance Sheet Remedial Exercise Accounts 71,250 3,000 230 10,000 1,000 20,000 100 250 10,000 900 1,300 1,000 200 100 200 3,000 500 200 10 20 345 19,000 1,150 600 5 10,000 15,000 15,000 2,500 10,000

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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Question

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Please answer this question prepare:a* trading account * profits and loss account* income statement and balance sheet

Capital
Sales
Bank overdraft
Vehicles
Advertising
Inventory (01/12/04)
Cartage inwards
Drawings
Mortgage
Commission revenue
Sales wages
Delivery van expense
Sales returns
Purchases returns
Insurance
Accounts receivable
Petty cash
Office salary
Discount expense
Interest expense
Accounts payable
Inventory (31/12/04)
Purchases
Short term loan
Discount revenue
Equipment
Buildings
Land
Rent revenue
Government bonds
Required:
I. Trading Account
II. Profit and Loss Account
III. Income Statement
IV. Balance Sheet
Remedial Exercise
Accounts
71,250
3,000
230
10,000
1,000
20,000
100
250
10,000
900
1,300
1,000
200
100
200
3,000
500
200
10
20
345
19,000
1,150
600
5
10,000
15,000
15,000
2,500
10,000
($)

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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