Question 1 The following is the Trial Balance for Axos Enterprise as at 31 December 2021: Debit ($) Credit ($) 339,300 95,050 680,140 116,980 85,830 Capital Accounts Payable Sales 5-year Bank Loan Accumulated Depreciation-Fixtures and Fittings Accounts Receivable 222,800 52,120 11,750 83,800 29,130 286,100 72,050 429,240 83,800 18,400 9,190 18,920 Salaries Sales returns Cash in bank Carriage outwards Fixtures and Fittings at cost Stock at 1/1/2021 Purchases Rental Drawings Electricity Carriage inwards Total 1,317,300 1,317,300 Additional information not accounted for in the trial balance as at 31 December 2021: i) Depreciation for Fixtures and Fittings is to be provided at a rate of 5% per annum on cost using the straight line method. ii) Rental is prepaid by $8,750 as at 31 December 2021. iii) As at 31 December 2021, electricity charges outstanding amounted to $1,230. iv) The closing stock as at 31 December 2021 was valued at $77,820.
Question 1 The following is the Trial Balance for Axos Enterprise as at 31 December 2021: Debit ($) Credit ($) 339,300 95,050 680,140 116,980 85,830 Capital Accounts Payable Sales 5-year Bank Loan Accumulated Depreciation-Fixtures and Fittings Accounts Receivable 222,800 52,120 11,750 83,800 29,130 286,100 72,050 429,240 83,800 18,400 9,190 18,920 Salaries Sales returns Cash in bank Carriage outwards Fixtures and Fittings at cost Stock at 1/1/2021 Purchases Rental Drawings Electricity Carriage inwards Total 1,317,300 1,317,300 Additional information not accounted for in the trial balance as at 31 December 2021: i) Depreciation for Fixtures and Fittings is to be provided at a rate of 5% per annum on cost using the straight line method. ii) Rental is prepaid by $8,750 as at 31 December 2021. iii) As at 31 December 2021, electricity charges outstanding amounted to $1,230. iv) The closing stock as at 31 December 2021 was valued at $77,820.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
a) Prepare an income statement for the year ended 31 December 2021 for Axos Enterprise.
(b) Prepare a
![Question 1
The following is the Trial Balance for Axos Enterprise as at 31 December 2021:
Debit ($)
Credit ($)
Capital
Accounts Payable
339,300
95,050
Sales
5-year Bank Loan
Accumulated Depreciation-Fixtures and Fittings
Accounts Receivable
680,140
116,980
85,830
222,800
52,120
11,750
83,800
Salaries
Sales returns
Cash in bank
Carriage outwards
Fixtures and Fittings at cost
29,130
286,100
72,050
429,240
83,800
18,400
9,190
18,920
Stock at 1/1/2021
Purchases
Rental
Drawings
Electricity
Carriage inwards
Total
1,317,300
1,317,300
Additional information not accounted for in the trial balance as at 31 December 2021:
i) Depreciation for Fixtures and Fittings is to be provided at a rate of 5% per annum on cost using
the straight line method.
ii) Rental is prepaid by $8,750 as at 31 December 2021.
iii) As at 31 December 2021, electricity charges outstanding amounted to $1,230.
iv) The closing stock as at 31 December 2021 was valued at $77,820.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd28a48f8-ed8c-4f2d-ac3a-2ddd1708b849%2Fbefeaf53-031f-4e4e-a41a-d2f585176148%2Fdnyka8_processed.png&w=3840&q=75)
Transcribed Image Text:Question 1
The following is the Trial Balance for Axos Enterprise as at 31 December 2021:
Debit ($)
Credit ($)
Capital
Accounts Payable
339,300
95,050
Sales
5-year Bank Loan
Accumulated Depreciation-Fixtures and Fittings
Accounts Receivable
680,140
116,980
85,830
222,800
52,120
11,750
83,800
Salaries
Sales returns
Cash in bank
Carriage outwards
Fixtures and Fittings at cost
29,130
286,100
72,050
429,240
83,800
18,400
9,190
18,920
Stock at 1/1/2021
Purchases
Rental
Drawings
Electricity
Carriage inwards
Total
1,317,300
1,317,300
Additional information not accounted for in the trial balance as at 31 December 2021:
i) Depreciation for Fixtures and Fittings is to be provided at a rate of 5% per annum on cost using
the straight line method.
ii) Rental is prepaid by $8,750 as at 31 December 2021.
iii) As at 31 December 2021, electricity charges outstanding amounted to $1,230.
iv) The closing stock as at 31 December 2021 was valued at $77,820.
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