Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Notes: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Operating expenses Interest Returns inward Returns outward Total Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 12,750 10,000 2,000 Credit 100,000 1. Stock at 31st December 202X £16,700. 2. Operating expenses £2,000 accrued. 3. Selling and administrative expenses £4,500 prepaid. 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. 20,000 15,000 105,000 16,750 3,200 65,300 2750 328,000 328,000 Prepare an Income Statement for Barnes Ltd for the year ended 31st December 202X.

Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow: Notes: Capital Cash at Bank Account Machinery Provision for depreciation - Warehouse Plant and buildings Provision for depreciation - Machinery Stock at 1st Jan 202X Purchases Sales Trade debtors Trade creditors Selling and distribution expenses Provision for doubtful debts at 1st Jan 202X Administrative expenses Bank loan to be repaid in 2025 Operating expenses Interest Returns inward Returns outward Total Debit 3,000 120,000 100,000 14,500 22,000 20,000 18,450 5,300 12,750 10,000 2,000 Credit 100,000 1. Stock at 31st December 202X £16,700. 2. Operating expenses £2,000 accrued. 3. Selling and administrative expenses £4,500 prepaid. 4. Provision for doubtful debts adjusted to 7% of debtors. 5. Warehouse and machinery to be depreciated at 10% straight-line method. 20,000 15,000 105,000 16,750 3,200 65,300 2750 328,000 328,000 Prepare an Income Statement for Barnes Ltd for the year ended 31st December 202X.

Name: Financial information of Barnes Ltd, a furniture maker, for the year
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Description: Financial information of Barnes Ltd, a furniture maker, for the year ended 31st December 202X as follow:Notes:CapitalCash at BankAccountMachineryProvision for depreciation - WarehousePlant and buildingsProvision for depreciation - MachineryStock at

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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