ransform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then make adjusted trial balance, then the income statement and balance sheet.
ransform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then make adjusted trial balance, then the income statement and balance sheet.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transform the raw data into an ordered
Transcribed Image Text:28.8 The following trial balance was extracted from the books of R Giggs at the close of business
on 28 February 20X7.
Dr
Cr
f
92,800
4,100
Purchases and sales
157,165
Cash at bank
Cash in hand
Capital account 1 March 20X6
Drawings
Office furniture
324
11,400
17,100
2,900
3,400
31,400
Rent
Wages and salaries
Discounts
Debtors and creditors
820
160
12,316
4,120
5,245
Stock 1 March 20x6
Provision for doubtful debts 1 March 20X6
Delivery van
Van running costs
Bad debts written off
405
3,750
615
730
174,375
174,375
Notes:
(a) Stock 28 February 20X7 £2,400.
(b) Wages and salaries accrued at 28 February 20X7 £340.
(c) Rent prepaid at 28 February 20X7 £230.
(d) Van running costs owing at 28 February 20X7 £72.
(e) Increase the provision for doubtful debts by £91.
(f) Provide for depreciation as follows: Office furniture £380; Delivery van £1,250.
Required:
Draw up the trading and profit and loss account for the year ending 28 February 20X7 together
with a balance sheet as on 28 February 20X7.
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