Homework Help is Here – Start Your Trial Now!
Business
Accounting
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.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

a) Prepare an income statement for the year ended 31 December 2021 for Axos Enterprise.

(b) Prepare a balance sheet as at 31 December 2021 for Axos Enterprise.

 

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 $77,820.
Transcribed Image Text:Question 1 The following is the Trial Balance for Axos Enterprise as at 31 December 2021: Debit ($) 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.
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Personal Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS