Please help me ### Trial Balance for J. Bright as at September 30, 2018**Dr ($)** | **Cr ($)**--|--Loan | 140,000Capital | 325,955Drawings | 8,420Cash at bank | 103,215Cash at hand | 22,195Accounts Receivables | 72,300Stock October 1, 2017 | 23,910Machinery | 156,000Furniture & Fittings | 78,000Provision for Depreciation: Machinery | 11,900Provision for Depreciation: Furniture & Fittings | 10,750Sales | 198,900Purchases | 92,100Accounts Payable | 34,370Return Inwards | 3,550Carriage Inwards | 4,215Return Outwards | 5,308Carriage Outwards | 6,310Commission Received | 10,000Provision for Bad Debt | 2,169Machine Repairs | 36,045Rent | 42,970Electricity | 15,405Salary | 62,810Insurance | 9,500Bad Debt | 2,407**Total** | **739,352** | **739,352**### Notes:1. **Prepaid expenses**: insurance, $1052. **Expenses owing**: rent, $300; electricity, $853. **Commission received** included $2,000 for the financial year end 20194. The **Provision for Bad Debt** is to be adjusted to 2% of debtors5. Depreciate **Machinery** at 20% reducing balance; **Furniture & Fittings** at 10% on cost6. **Stock as at 30 September 2018** is $27,475### Instructions:Prepare an Income Statement for the year to 30 September 2018 and a Balance Sheet as at that date.

Financial statements are those statements which are prepared at the end of accounting period. The…

Loan Capital Drawings Cash at bank Cash at hand The following is the Trial Balance for J. Bright as at September 30, 2018. Dr ($) Cr (S) 140,000 325,955 Accounts Receivables Stock October 1, 2017 Machinery Furniture & Fittings Provision for Depreciation: Machinery Provision for Depreciation: Furniture & Fittings Sales Purchases Accounts Payable Return Inwards Carriage Inwards Return Outwards Carriage Outwards Commission Received Provision for Bad Debt Machine Repairs Rent Electricity Salary Insurance Bad Debt 8,420 103,215 22, 195 72,300 23,910 156,000 78,000 92,100 3,550 4, 215 6,310 36,045 42,970 15,405 62,810 9,500 2,407 739.352 11,900 10,750 198,900 34,370 5,308 10,000 2,169 739.352 Notes: (a) Prepaid expenses: insurance, $105 (b) Expenses owing: rent, $300; Electricity $85 (c) Commission received include $2,000 for the financial year end 2019. (d) The Provision for Bad Debt is to be adjusted to 2% of debtors. (e) Depreciate motor Machinery at 20% reducing balance; Furniture & Fittings at 10% on cost. Stock as at 30 September 2018 is $27,475. Prepare an Income Statement for the year to 30 September 2018 and a Balance Sheet as at that date.

Loan Capital Drawings Cash at bank Cash at hand The following is the Trial Balance for J. Bright as at September 30, 2018. Dr ($) Cr (S) 140,000 325,955 Accounts Receivables Stock October 1, 2017 Machinery Furniture & Fittings Provision for Depreciation: Machinery Provision for Depreciation: Furniture & Fittings Sales Purchases Accounts Payable Return Inwards Carriage Inwards Return Outwards Carriage Outwards Commission Received Provision for Bad Debt Machine Repairs Rent Electricity Salary Insurance Bad Debt 8,420 103,215 22, 195 72,300 23,910 156,000 78,000 92,100 3,550 4, 215 6,310 36,045 42,970 15,405 62,810 9,500 2,407 739.352 11,900 10,750 198,900 34,370 5,308 10,000 2,169 739.352 Notes: (a) Prepaid expenses: insurance, $105 (b) Expenses owing: rent, $300; Electricity $85 (c) Commission received include $2,000 for the financial year end 2019. (d) The Provision for Bad Debt is to be adjusted to 2% of debtors. (e) Depreciate motor Machinery at 20% reducing balance; Furniture & Fittings at 10% on cost. Stock as at 30 September 2018 is $27,475. Prepare an Income Statement for the year to 30 September 2018 and a Balance Sheet as at that date.

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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