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Prepare Nora Ferber’s profit and loss account for the year ended 30 June 20X3 and her balance sheet as at that date.

Prepare Nora Ferber’s profit and loss account for the year ended 30 June 20X3 and her balance sheet as at that date.

FINANCIAL ACCOUNTING
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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Nora Ferber’s trial balance at 30 June 20X3 was as follows:

The following information is relevant:

1. Rent expense for the year ended 30 June 20X3 was £60,000.

2. Rates expense for the year ended 30 June 20X3 was £24,000.

3. The depreciation charge for the year is to be 20 per cent of the reducing balance.

4. Bad debts of £1,500 are to be written off and the provision against doubtful debts is to be adjusted to 10 per cent of debtors.

5. Wages payable at 30 June 20X3 amounted to £1,260.

6. The stock figure of £120,000 is made up as follows:

Required:

Prepare Nora Ferber’s profit and loss account for the year ended 30 June 20X3 and her balance sheet as at that date.

Units Type A Type B Type C Cost £ 40,000 50,000 30,000 120,000 Net realisable value £ 60,000 42,000 44,000 146,000
Transcribed Image Text:Units Type A Type B Type C Cost £ 40,000 50,000 30,000 120,000 Net realisable value £ 60,000 42,000 44,000 146,000
Motor vehicles, at cost Debtors Stock Drawings Cost of goods sold Wages Rates Sundry expenses Rent Capital account 1 July 20X2 Provision against doubtful debts Motor vehicle, accumulated depreciation, 1 July 20X2 Creditors Bank overdraft Sales £ 90,000 80,500 120,000 107,000 490,000 47,500 30,000 10,000 45,000 1,020,000 97,500 5,000 15,000 70,000 22,500 810,000 1,020,000
Transcribed Image Text:Motor vehicles, at cost Debtors Stock Drawings Cost of goods sold Wages Rates Sundry expenses Rent Capital account 1 July 20X2 Provision against doubtful debts Motor vehicle, accumulated depreciation, 1 July 20X2 Creditors Bank overdraft Sales £ 90,000 80,500 120,000 107,000 490,000 47,500 30,000 10,000 45,000 1,020,000 97,500 5,000 15,000 70,000 22,500 810,000 1,020,000
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