PSJ Electrical   Trial Balance as at 31 December 2021   Sales

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 capital account, current account and the statement of financial position as at 31 December 2021.

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