28.10A. J wright a sole trader, exracted the following trial balance from his bookat the close of business on 31 March 20X9.DRCR££Purchases and sales61,420127,245Stock 1 April 20X8Capital 1 April 20X8Bank overdraft7,94025,2002,490Cash140Discounts2,48062Returns inwards3,486Returns outwards1,356Carriage outwardsRent and insurance3,2108,870Provision for doubtful debts630Fixtures and fittings1,900Van5,600Debtors and creditors12,41811400DrawingsWages and salariesGeneral office expenses21,40039,200319168,383168,383Notes:(a) Stock 31 March 20X9 £6,805.(b) Wages and salaries accrued at 31 March 20X9 £3,500; Office expenses owing £16.(c) Rent prepaid 31 March 20X9 £600.(d) Increase the provision for doubtful debts by £110 to £740.(e) Provide for depreciation as follows: Fixtures and fittings £190; Van £1,400.Required:Prepare the trading and profit and loss accounts for the year ended 31 March 20X9together with a balance sheet as at that date.

Trading and profit & loss account is prepared to know the profit or loss of the business.

Answered: Required: Prepare the trading and…

Required: Prepare the trading and profit and loss accounts for the year ended 31 March 20X9 together with a balance sheet as at that date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

28.10A. J wright a sole trader, exracted the following trial balance from his book
at the close of business on 31 March 20X9.
DR
CR
£
£
Purchases and sales
61,420
127,245
Stock 1 April 20X8
Capital 1 April 20X8
Bank overdraft
7,940
25,200
2,490
Cash
140
Discounts
2,480
62
Returns inwards
3,486
Returns outwards
1,356
Carriage outwards
Rent and insurance
3,210
8,870
Provision for doubtful debts
630
Fixtures and fittings
1,900
Van
5,600
Debtors and creditors
12,418
11400
Drawings
Wages and salaries
General office expenses
21,400
39,200
319
168,383
168,383
Notes:
(a) Stock 31 March 20X9 £6,805.
(b) Wages and salaries accrued at 31 March 20X9 £3,500; Office expenses owing £16.
(c) Rent prepaid 31 March 20X9 £600.
(d) Increase the provision for doubtful debts by £110 to £740.
(e) Provide for depreciation as follows: Fixtures and fittings £190; Van £1,400.
Required:
Prepare the trading and profit and loss accounts for the year ended 31 March 20X9
together with a balance sheet as at that date.

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