Required to prepare :A) Trading and profit and loss appropriation account for the year ended 31 December 2019.B) A balance sheet as at 31 December 2019 Question 3The following is the trial balance of Pork and Ham for the year ended 31 December 2019.DebitcreditDrawings:Pork1750Ham1429Capital:Pork9 000Ham4 800Current accounts:Pork880Ham120Premises10 000Motor vehicles1870Stock 1 January 20192 395Return inwards and outwards110286Purchases/ Sales19 463 28 797Wages and salariesCarriage inwardsDelivery expenses4 689216309Rent and rates485Insurance116Debtors/creditors3 4621 899Cash in hand180General expenses204Loan-Thomas2 000Discount allowed/receivedMotor expenses392404635Cash at bank24148 066 48 066Additional information1. Stock at 31 December 2019 was P5 623.2. Depreciate motors by 10 %.3. Insurance prepaid P12.4. Rates owing P575. Included in salaries is a salary to Ham for the year P300.6. Allow 5% interest on capitals.7. Charge interest on drawings: Pork P58, Ham P39.8. Goods valued at P75 have been taken by Pork for own use. No entry has been made inthe books.9. Profit shared: Ham 2/5 and Pork 3/5.10. Loan interest owing P140.11. Make provision for bad debts P 320.

Statement of income shows all the income(s) earned by the organization. There are certain ways for…

Answered: Required to prepare : A) Trading and…

Required to prepare : A) Trading and profit and loss appropriation account for the year ended 31 December 2019. B) A balance sheet as at 31 December 2019

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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Question

Required to prepare :

A) Trading and profit and loss appropriation account for the year ended 31 December 2019.

B) A balance sheet as at 31 December 2019

Question 3
The following is the trial balance of Pork and Ham for the year ended 31 December 2019.
Debit
credit
Drawings:
Pork
1750
Ham
1429
Capital:
Pork
9 000
Ham
4 800
Current accounts:
Pork
880
Ham
120
Premises
10 000
Motor vehicles
1870
Stock 1 January 2019
2 395
Return inwards and outwards
110
286
Purchases/ Sales
19 463 28 797
Wages and salaries
Carriage inwards
Delivery expenses
4 689
216
309
Rent and rates
485
Insurance
116
Debtors/creditors
3 462
1 899
Cash in hand
180
General expenses
204
Loan-Thomas
2 000
Discount allowed/received
Motor expenses
392
404
635
Cash at bank
241
48 066 48 066
Additional information
1. Stock at 31 December 2019 was P5 623.
2. Depreciate motors by 10 %.
3. Insurance prepaid P12.
4. Rates owing P57
5. Included in salaries is a salary to Ham for the year P300.
6. Allow 5% interest on capitals.
7. Charge interest on drawings: Pork P58, Ham P39.
8. Goods valued at P75 have been taken by Pork for own use. No entry has been made in
the books.
9. Profit shared: Ham 2/5 and Pork 3/5.
10. Loan interest owing P140.
11. Make provision for bad debts P 320.

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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