non 4: (from chapter 20) The following trial balance has been extracted from the ledger of Mr. Yousef, a sole trader: Trial Balance as at 31st May 2020 Sales Purchases Carriage Drawings Rent Rates paid Insurance Postage and stationary Advertising Salaries and wages Bad debts Allowance for doubtful debts Accounts receivable Accounts payable Cash in hand Cash at bank Inventory as at 1st June 2019 Equipment at cost Accumulated depreciation for equipment Capital The following additional information as at 31st May 2020 is available: (a) Rent is accrued by: (b) Rates have been prepaid by: (c) Amount of carriage which represents carriage inwards on the purchases: (d) Equipment is to be depreciated at 15% per annum on it's value at cost. Dr - £ 82 350 5 144 7 800 2 800 2 200 1622 3 001 1330 26 420 877 12 120 177 1 002 11 927 58 000 216 770 210 880 2211 40 Cr- £ 138 078 13551 130 6471 (e) The allowance for doubtful debts to be increased by: (f) Inventory at the close of business has been valued at: Required: Prepare an income statement for the year ending 31st May 2020 and a statement of financial positio 19 000 53 091 216 770

non 4: (from chapter 20) The following trial balance has been extracted from the ledger of Mr. Yousef, a sole trader: Trial Balance as at 31st May 2020 Sales Purchases Carriage Drawings Rent Rates paid Insurance Postage and stationary Advertising Salaries and wages Bad debts Allowance for doubtful debts Accounts receivable Accounts payable Cash in hand Cash at bank Inventory as at 1st June 2019 Equipment at cost Accumulated depreciation for equipment Capital The following additional information as at 31st May 2020 is available: (a) Rent is accrued by: (b) Rates have been prepaid by: (c) Amount of carriage which represents carriage inwards on the purchases: (d) Equipment is to be depreciated at 15% per annum on it's value at cost. Dr - £ 82 350 5 144 7 800 2 800 2 200 1622 3 001 1330 26 420 877 12 120 177 1 002 11 927 58 000 216 770 210 880 2211 40 Cr- £ 138 078 13551 130 6471 (e) The allowance for doubtful debts to be increased by: (f) Inventory at the close of business has been valued at: Required: Prepare an income statement for the year ending 31st May 2020 and a statement of financial positio 19 000 53 091 216 770

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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