REVIEW QUESTIONS 5.1 Jimmy Bell has just started a new business. The following trial balance was extracted from his books on 31 March 20X6: Dr ($) Cr ($) 135 000 Capital at 1 April 20X5 Drawings 32 600 80000 Premises 25 000 Furniture and fittings 40 000 Motor vehicles 38 000 Trade receivables 17400 Trade payables 3 900 Cash at bank 273 600 Sales 144 800 Purchases 1500 Repairs and insurance Heating and lighting expense Vehicle expenses 2 500 6500 35 600 Wages and salaries Miscellaneous expenses 15 600 426 000 426 000 Inventory on 31 March 20xX6 was valued at $32 600. REQUIRED (a) (b) Prepare the Income Statement for the year ended 31 March 20X6. Prepare the Balance Sheet as at 31 March 20X6.

REVIEW QUESTIONS 5.1 Jimmy Bell has just started a new business. The following trial balance was extracted from his books on 31 March 20X6: Dr ($) Cr ($) 135 000 Capital at 1 April 20X5 Drawings 32 600 80000 Premises 25 000 Furniture and fittings 40 000 Motor vehicles 38 000 Trade receivables 17400 Trade payables 3 900 Cash at bank 273 600 Sales 144 800 Purchases 1500 Repairs and insurance Heating and lighting expense Vehicle expenses 2 500 6500 35 600 Wages and salaries Miscellaneous expenses 15 600 426 000 426 000 Inventory on 31 March 20xX6 was valued at $32 600. REQUIRED (a) (b) Prepare the Income Statement for the year ended 31 March 20X6. Prepare the Balance Sheet as at 31 March 20X6.

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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