-The table below shows transactions from Mr. Situmbeko's business for the year ended 31 December, 2016. Prepare a trading and profit and loss account for the year ended 31 December 2016. Prepare also a balance sheet as at December 2016. Stock at 31- December 2016 was K12.408.

-The table below shows transactions from Mr. Situmbeko's business for the year ended 31 December, 2016. Prepare a trading and profit and loss account for the year ended 31 December 2016. Prepare also a balance sheet as at December 2016. Stock at 31- December 2016 was K12.408.

Name: FINANCIAL MANAGEMENTExample. The table below shows transactions from
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Description: FINANCIAL MANAGEMENTExample. The table below shows transactions from Mr. Situmbeko's businessfor the year ended 31 December, 2016. Prepare a trading andprofit and loss account for the year ended 31 December 2016Prepare also a balance sheet as at Dec

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.8E

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

FINANCIAL MANAGEMENT
Example
. The table below shows transactions from Mr. Situmbeko's business
for the year ended 31 December, 2016. Prepare a trading and
profit and loss account for the year ended 31 December 2016
Prepare also a balance sheet as at December 2016. Stock at 31-
December 2016 was K12.408.
Sales
Purchases
Salaries
Motor expenses
Rent
Insurance
General expenses
Premises
Motor vehicles
Debtors
Creditors
Cash at bank
Cash in hand
Drawings
Capital
K
190,576
119,832
56,527
2,416
1,894
372
85
95,420
16,594
26,740
16,524
16,519
342
8,425
138,066

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