Principles of Accounts- Chapter 26 26.9 J. Graham drew up the following trial balance as at 30 September 2008. You are to draft a trading and profit and loss account for the year to 30 September 2008 and a balance sheet as at that date. Dr Cr %24 Loan from P. Parkin 5,000 Capital Drawings Cash at bank Cash in hand Debtors 25,955 8,420 3,115 295 12,300 Creditors 9,370 Stock 30 September 2007 23,910 6,000 8,000 Motor van Office equipment Provision for depreciation: motor van Provision for depreciation: office equipment Sales 1,900 1,750 130,900 Purchases 92,100 Returns inwards 550 Carriage inwards Returns outwards 215 307 Carriage outwards Motor expenses Rent and rates 309 1,630 2,970 Telephone charges Wages Insurance 405 12,810 492 Office expenses Sundry expenses 1,377 284 175,182 175,182 Notes: at 30 September 2008. a) Prepaid expenses: insurance, $105; rates, $405. b) Expenses owing: rent, $300; telephone, S85. c) Stock, $27,475. d) Depreciate motor van and office equipment at the rate of 20% on original cost.

Principles of Accounts- Chapter 26 26.9 J. Graham drew up the following trial balance as at 30 September 2008. You are to draft a trading and profit and loss account for the year to 30 September 2008 and a balance sheet as at that date. Dr Cr %24 Loan from P. Parkin 5,000 Capital Drawings Cash at bank Cash in hand Debtors 25,955 8,420 3,115 295 12,300 Creditors 9,370 Stock 30 September 2007 23,910 6,000 8,000 Motor van Office equipment Provision for depreciation: motor van Provision for depreciation: office equipment Sales 1,900 1,750 130,900 Purchases 92,100 Returns inwards 550 Carriage inwards Returns outwards 215 307 Carriage outwards Motor expenses Rent and rates 309 1,630 2,970 Telephone charges Wages Insurance 405 12,810 492 Office expenses Sundry expenses 1,377 284 175,182 175,182 Notes: at 30 September 2008. a) Prepaid expenses: insurance, $105; rates, $405. b) Expenses owing: rent, $300; telephone, S85. c) Stock, $27,475. d) Depreciate motor van and office equipment at the rate of 20% on original cost.

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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Q1: Outstanding check, June 30? Q2: Deposits in Transit, June 30? Q3: Cash per bank statement, June 30?
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Study the information in the ledger accounts given below and answer the questions that ACTIVITY 2.14 year INSTRUCTIONS: follow: a) Show all workings b) The accounting period ends on 28 February. NOTE: 1. INFORMATION: Dit, GENERAL LEDGER OF DANKER TRADERS 1.1 BALANCE SHEET ACCOUNTS SECTION H/W EQUIPMENT DR. 20.6 Sept CR. 1 Bank Creditors Control 20.7 200 000 Feb 60 000 260 000 28 Balance c/d 260 000 CR. 260 000 20.7 20.7 1 Balance b/d March 20.7 260 000 Sept ? 20.8 1 Bank 100 000 360 000 Sept Feb 28 Balance c/d 300 000 360 000 CR. 20.8 Mar 1 Balance b/d 300 000 DR. ACCUMULATED DEPRECIATION ON EQUIPMENT CR. 20.7 28 Depreciation 20.7 Sept 20.8 Feb 28 20.7 Sept R. 1 Assets Disposal ? Feb ? NOMINAL ACCOUNTS SECTION LOSS ON SALE OF ASSETS CR. DR. 20.7 Sept 1 600 1 Assets Disposal 1.2 Additional Information: Depreciation is provided for annually at 20 % on the diminishing balance method. Grade 11 Learners book New Generation Accounting Grade 11
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