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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