Malbright is a limited liability company. The following trial balance for the yearended 31 October 20X7 is presented below:Buildings at costBuildings accumulated depreciationas at 1 November 20X6Plant at costPlant accumulated depreciationas at 1 November 20X6Overdraft at bankRevenuePurchasesInventory as at 1 November 20X6CashPayablesReceivablesAllowance for receivables as at 1 November 20X6Administrative expensesRetained earnings as at 1 November 20X6Share capitalShare premium accountThe following additional information is also available:(i)Dr$0007402201,140160203203252,925The allowance for receivables is to be increased to 5% of thereceivables balance.Cr$00060110701,80025010130415802,925

TASK 1Answer for whether the items belong to the statement of financial position (SOFP) as at 31st…

Answered: Malbright is a limited liability…

Malbright is a limited liability company. The following trial balance for the year ended 31 October 20X7 is presented below:

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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