Q9 From the following trial balance of Lim Trading, draw up an Income Statement for the year ended 31 December 2018 and a balance sheet as at that date. Inventory (1.1.2018) Carriage outwards Carriage inwards Returns inwards Returns outwards Purchases Sales Salaries and wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor vehicles Fixture and fittings Trade receivables Trade payables Cash at bank Drawings Capital Debit (RM) 2,368 200 310 205 11,874 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 482 1,200 33,289 Dredit (RM 322 18,600 1,731 12,636 33,289

Q9 From the following trial balance of Lim Trading, draw up an Income Statement for the year ended 31 December 2018 and a balance sheet as at that date. Inventory (1.1.2018) Carriage outwards Carriage inwards Returns inwards Returns outwards Purchases Sales Salaries and wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor vehicles Fixture and fittings Trade receivables Trade payables Cash at bank Drawings Capital Debit (RM) 2,368 200 310 205 11,874 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 482 1,200 33,289 Dredit (RM 322 18,600 1,731 12,636 33,289

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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us Kimmel, tinancial Accounting, Be US eo 1 Srstom Announcements CALCATO Brief Exercise 8-10 Piet ts first vear of operations, Pronghorn Corp had credit sales of $2,714,100, of which $429,000 remained uncollected at year-end. The credit manager estimates that $16,370 of these recevahles w be Prepare the journal entry to record the estimated uncollectibles. (Assume an unadjusted balance of zero in Allowance for Doubtful Accounts.) (Credit account titles are automatically indented whee ment c indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT INTERACTIVE TUTORIAL INTERACTIVE TUTORIAL Prepare the current assets section of the balance sheet for Pronghorn Corp, assuming that in addition to the receivables it has cash of $85,320, merchandise inventory of $163,960, and supplies of $13,290. (List current a arder of liquidity) Pronghorn Corp Balance Sheet (partial) wT O secouNTS
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