Question 1Fred's Fries is a catering business. The business has reached the end of its third year of tradingand Fred has asked his sister, Dora, to help him to produce some accounts. She has been writinghis books throughout the year and these have been kept correctly. Unfortunately, Dora hadan accident and was admitted to hospital just before she started work on the financial statementsfor the year ended 30 April 20X1. Fred remembers that you have been taking an accountingcourse and asks you to help him out.upDora's latest trial balance contained the following items:leaseholds shop premises (cost 1.5.X0)Accumulated Depreciation on lease (1.5:X0)Fixtures and fittings (cost 1.5.X0)Accumulated Depreciatipn on fixtures and fittings(1.5.Х0)Inventory (30.4.X0)Receivables (30.4.X1)Prepaid InsurancePayables (30.4.X1)300,00060,00080,00016,0001,00022,50025,00018,0005,000Unearned SalesLoan secured on Fred's house175,000Balance per cash book (30.4.X1)Capital (1.5.X0)14,500124,000123,00057,000SalesPurchasesSalaries & WagesElectricitySundry Expenses10,0006,0005,000

Particulars Amount (£) Amount (£) Sales 123000 Less: Purchases 57000 Salaries…

Dora's latest trial balance contained the following items: leaseholds shop premises (cost 1.5.X0) Accumulated Depreciation on lease (1.5:X0) Fixtures and fittings (cost 1.5.X0) Accumulated Depreciatipn on fixtures and fittings (1.5.Х0) Inventory ( 30.4.X0) Receivables (30.4.X1) Prepaid Insurance Payables (30.4.XI) 300,000 60,000 80,000 16,000 1,000 22,500 25,000 18,000 Unearned Sales 5,000 Loan secured on Fred's house 175,000 Balance per cash book (30.4.X1) Capital (1.5.X0) 14,500 124,000 123,000 57,000 Sales Purchases Salaries & Wages Electricity Sundry Expenses 10,000 6,000 5,000

Dora's latest trial balance contained the following items: leaseholds shop premises (cost 1.5.X0) Accumulated Depreciation on lease (1.5:X0) Fixtures and fittings (cost 1.5.X0) Accumulated Depreciatipn on fixtures and fittings (1.5.Х0) Inventory ( 30.4.X0) Receivables (30.4.X1) Prepaid Insurance Payables (30.4.XI) 300,000 60,000 80,000 16,000 1,000 22,500 25,000 18,000 Unearned Sales 5,000 Loan secured on Fred's house 175,000 Balance per cash book (30.4.X1) Capital (1.5.X0) 14,500 124,000 123,000 57,000 Sales Purchases Salaries & Wages Electricity Sundry Expenses 10,000 6,000 5,000

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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