←Ua33.0008.55085,00028,000Introduction to Business financeAccounting conventionsWeek 8 seminar exerciseQuestion 1From the following trial balance of Ursula, you are asked to draw up astatement of profit or loss for the year ended 31 March 2019 and a statementf financial position as at that date.DrCr££82,000SalesPurchasesInventory as at 1 April 2018PremisesEquipmentReturns inwards340Bank1,2805.600WagesInsurance390Advertising260Capital94.660Drawings11,800Returns outwards450Receivables6.5004,960PayablesRent1,350182.070 182,070Additional information:1) Inventory as at 31 March 2019 was valued at £10,6602) A provision for doubtful debt is to be created at 5% of receivables at the year-end.3) Accrued rent £3504) Insurance paid in advance £2505) Ursula provide depreciation on assets as follows: premises 10% and Equipmentis 20% on cost annually|||<V

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Description: ←Ua33.0008.55085,00028,000Introduction to Business financeAccounting conventionsWeek 8 seminar exerciseQuestion 1From the following trial balance of Ursula, you are asked to draw up astatement of profit or loss for the year ended 31 March 2019 and a

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Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of profit or loss for the year ended 31 March 2019 and a statement of financial position as at that date. Dr Cr £ £ 82,000 Sales Purchases Inventory as at 1 April 2018 33.000 8.550 Premises 85.000 Equipment 28,000 Returns inwards 340 Bank 1,280 Wages 5.600 Insurance 390 Advertising 260 94,660 Capital Drawings 11,800 Returns outwards 450 6.500 Receivables Payables Rent 4,960 1,350 182,070 182,070 Additional information: 1) Inventory as at 31 March 2019 was valued at £10,660 2) A provision for doubtful debt is to be created at 5% of receivables at the year- end. 3) Accrued rent £350 4) Insurance paid in advance £250 5) Ursula provide depreciation on assets as follows: premises 10% and Equipment is 20% on cost annually.

Question 1 From the following trial balance of Ursula, you are asked to draw up a statement of profit or loss for the year ended 31 March 2019 and a statement of financial position as at that date. Dr Cr £ £ 82,000 Sales Purchases Inventory as at 1 April 2018 33.000 8.550 Premises 85.000 Equipment 28,000 Returns inwards 340 Bank 1,280 Wages 5.600 Insurance 390 Advertising 260 94,660 Capital Drawings 11,800 Returns outwards 450 6.500 Receivables Payables Rent 4,960 1,350 182,070 182,070 Additional information: 1) Inventory as at 31 March 2019 was valued at £10,660 2) A provision for doubtful debt is to be created at 5% of receivables at the year- end. 3) Accrued rent £350 4) Insurance paid in advance £250 5) Ursula provide depreciation on assets as follows: premises 10% and Equipment is 20% on cost annually.

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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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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QUESTION The following trial balance has been extracted from the books of W, F and M on 31/12/2022 Debit Credit K K Fixecapital W 10, 000 F 8,000 M 6,000 Current accounts W 4,000 F 500 M 2,000 Long - term loans 5,000 Plant and equipment 15,000 Vehicles 8,000 Debtors 29,000 Creditors 12,000 Stock at 1/1/2022 15,500 Bank 3,000 Sales 250,000 Wages 50,000 Purchases 125,000 Rent and rates 5,000 Other costs 35,000 Salaries W 6,000 F 3,000 M 2,000 297,000 297,000 The following information is also available: (a) The profit sharing ratio is 3:2:1 for W, f and m respectively (b) All assets are to be depreciated by 20%. (c) Closing stock has a value of K18, 000. (d) All capital transactions are to be conducted through the partners'current accounts. (e) At the year end, the partners agreed to increase each fixed capital account by 10% by transfereing funds from their current accounts. REQUIRED: Prepare the financial accounts of the partnership for the year to 31/12/2022
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Required information Skip to question On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: Accounts Debit Credit Cash $ 25,400 Accounts Receivable 6,800 Supplies 4,700 Land 66,000 Accounts Payable $ 4,800 Common Stock 81,000 Retained Earnings 17,100 Totals $ 102,900 $ 102,900 During January 2021, the following transactions occur: January 2 Purchase rental space for one year in advance, $10,800 ($900/month). January 9 Purchase additional supplies on account, $5,100. January 13 Provide services to customers on account, $27,100. January 17 Receive cash in advance from customers for services to be provided in the future, $5,300. January 20 Pay cash for salaries, $13,100. January 22 Receive cash on accounts receivable, $25,700. January 29 Pay cash on accounts payable, $5,600.…
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Create the income statement from the adjusted trial balance
Question Transfer all the balances in Trial Balance below to Statement of Financial Position.
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Sample Worksheet Work Sheet For the Month Ended January 31, 2020 Trial Balance Adjustments Adj. T/Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. 13,200 22,000 5,400 29,250 22,000 5,400 Cash 20,000 b-h 3,950 29,250 22,000 a CD'S Other Securities 5,400 Loan Payable Owner' Equity 25,000 15,600 b 25,000 15,100 25,000 15,100 500 Revenue a 20,000 20,000 20,000 Interest Income Utilities expense Internet & Telephone Advertising Expense C 300 300 300 150 150 150 e 300 300 300 Rent Expense f 2,000 2,000 2,000 Supplies expense 450 450 450 Insurance expense 250 250 250 40,100 16,550 56,650 40,600 23,950 60,100 3,450 16,550 20,000 40,600 23,950 60,100 20,000 56,650 Net income 20,000 56,650 1. Cash is overstate by 500.00 and Owners Equity is overstated by $500.00. 2. Utilities Expense of $300.00 was paid on January 25. 3. Insurance expense of $250.00 was paid on January 27. 4. supplies for the month in the amount of $450.00 was purchased. 5. Rent for…