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PSJ Electrical   Trial Balance as at 31 December 2021   Sales Debit  Credit 550000 Motor Van at cost 75000   Office Equipment 16800   Provision for Depreciation on Motor van   8400 Provision for Depreciation on office equipment   5400 Purchases 350380   Salaries and wages 36592   Stock: 31 January 2021 85700   Returns Inwards 13600   Carriage Inwards 6000   Bad debts 2468   Provision for bad debts   1460 General expenses 1890   Rent 5130   Insurance 4900   Motor expenses 7880   Creditors   65000 Debtors 90644   Cash at Bank 1332   Drawings:  Patrick 25300                       Smith 16834                       Jones 12432   Current Accounts:  Patrick   2780                                    Smith 1230                                      Jones   5072 Capital Accounts:    Patrick   60000                                    Smith   32000                                    Jones   24000   754112 754112           The following notes are available: Stock at 31 December 2021, $120,500 Salaries paid in advance $4600 insurance owing $380 Increase provision for bad debt to $1700 Annual salaries to Patrick $2400; Jones $1400 Interest on drawings 5% per annum Interest on capital 10% percent Depreciation on Motor van is 15 % per annum on the reducing balance method and office equipment Prepare a profit and loss, appropriation and balance sheet

PSJ Electrical   Trial Balance as at 31 December 2021   Sales Debit  Credit 550000 Motor Van at cost 75000   Office Equipment 16800   Provision for Depreciation on Motor van   8400 Provision for Depreciation on office equipment   5400 Purchases 350380   Salaries and wages 36592   Stock: 31 January 2021 85700   Returns Inwards 13600   Carriage Inwards 6000   Bad debts 2468   Provision for bad debts   1460 General expenses 1890   Rent 5130   Insurance 4900   Motor expenses 7880   Creditors   65000 Debtors 90644   Cash at Bank 1332   Drawings:  Patrick 25300                       Smith 16834                       Jones 12432   Current Accounts:  Patrick   2780                                    Smith 1230                                      Jones   5072 Capital Accounts:    Patrick   60000                                    Smith   32000                                    Jones   24000   754112 754112           The following notes are available: Stock at 31 December 2021, $120,500 Salaries paid in advance $4600 insurance owing $380 Increase provision for bad debt to $1700 Annual salaries to Patrick $2400; Jones $1400 Interest on drawings 5% per annum Interest on capital 10% percent Depreciation on Motor van is 15 % per annum on the reducing balance method and office equipment Prepare a profit and loss, appropriation and balance sheet

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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PSJ Electrical

 

Trial Balance as at 31 December 2021

 

Sales

 Debit

 Credit

550000

Motor Van at cost

75000

 

Office Equipment

16800

 

Provision for Depreciation on Motor van

 

8400

Provision for Depreciation on office equipment

 

5400

Purchases

350380

  

Salaries and wages

36592

  

Stock: 31 January 2021

85700

  

Returns Inwards

13600

  

Carriage Inwards

6000

  

Bad debts

2468

  

Provision for bad debts

  

1460

General expenses

1890

  

Rent

5130

  

Insurance

4900

  

Motor expenses

7880

  

Creditors

  

65000

Debtors

90644

  

Cash at Bank

1332

  

Drawings:  Patrick

25300

  

                    Smith

16834

  

                    Jones

12432

  

Current Accounts:  Patrick

  

2780

                                   Smith

1230

  

                                   Jones

  

5072

Capital Accounts:    Patrick

  

60000

                                   Smith

  

32000

                                   Jones

  

24000
 

754112

754112
       

 

The following notes are available:

  1. Stock at 31 December 2021, $120,500
  2. Salaries paid in advance $4600
  3. insurance owing $380
  4. Increase provision for bad debt to $1700
  5. Annual salaries to Patrick $2400; Jones $1400
  6. Interest on drawings 5% per annum
  7. Interest on capital 10% percent
  8. Depreciation on Motor van is 15 % per annum on the reducing balance method and office equipment

Prepare a profit and loss, appropriation and balance sheet

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