s 1. From the following trial balance prepare the final accounts Debit Balances Drawings Opening stock Furniture and fittings Printing and stationery Coal, gas and water Freight Purchases Income tax Discount allowed Repairs Factory rent Salaries and wages Manufacturing exp Advertising Plant and machinery Office rent Misc. Expenses Bills receivable Carriage outwards Insurance premium Interest Cash at hand Cash at bank Sundry debtors ✓ Adjustments Bs Rs 4800 30000 Asst 13000 12000 600 3500 75000 9500 950 1000 2500 2800 24000 19000 70000 3600 1000 12500 1500 600 1000 3500 7500 33800 333650 Credit Balances Capital BS Sundry creditors BS Bank loan@ 6% Dividend Sales Provision for bad and doubtful debts (op.bal) Bills payable BIS Commission Suspense account Closing stock 36850, Factory rent unpaid 500 Insurance premium prepaid for a quarter →600-150 4. Dividend accrued but not yet received 50 → Asset, 5. Commission received in advance 100 11. Provide 5% for bad and doubtful debts 2. Provide 2% for discount on debtors 13. Provide 2% for discount on creditors. 6. Depreciate plant and machinery @10% and furniture and fittings at 5%, Provide interest on capital@6%, Provide interest on drawings@5%, 9. Bank interest outstanding S 10. Write off bad debts 800 100x 38800676 600 €150 Rs 50000 10000 20000 200 235350 600 6500 200 10800 333650

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

Please help me 

1. From the following trial balance prepare the final accounts
Debit Balances
Credit Balances
Drawings
Capital
BS
Opening stock
Sundry creditors BS
Bank loan@ 6%
Dividend
Sales
Provision for bad and doubtful
debts (op.bal)
Bills payable BIS
Commission
Suspense account
Furniture and fittings
Printing and stationery
Coal, gas and water
Freight
Purchases
Income tax
Discount allowed
Repairs
Factory rent
Salaries and wages
Manufacturing exp
Advertising
Plant and machinery
Office rent
Misc. Expenses
Bills receivable
Carriage outwards
Insurance premium
Interest
Cash at hand
bs Cash at bank
BS Sundry debtors
Adjustments
BS
Rs
4800
30000
Asst 13000
12000
600
3500
75000
9500
950
1000
2500
2800
24000
19000
70000
3600
1000
12500
1500
600
1000
3500
7500
33800
333650
Closing stock 36850,
Factory rent unpaid 500
4. Dividend accrued but not yet received 50
Insurance premium prepaid for a quarter →600-150
Asset,
5. Commission received in advance 100
Depreciate plant and machinery @10% and furniture and fittings at 5%,
Provide interest on capital@6%,
Provide interest on drawings@5%,
9. Bank interest outstanding LE2
10. Write off bad debts 800
11. Provide 5% for bad and doubtful debts
2. Provide 2% for discount on debtors
13. Provide 2% for discount on creditors.
100
38800676
600 €150
60
Rs
50000
10000
20000
200
235350
600
6500
200
10800
333650
Transcribed Image Text:1. From the following trial balance prepare the final accounts Debit Balances Credit Balances Drawings Capital BS Opening stock Sundry creditors BS Bank loan@ 6% Dividend Sales Provision for bad and doubtful debts (op.bal) Bills payable BIS Commission Suspense account Furniture and fittings Printing and stationery Coal, gas and water Freight Purchases Income tax Discount allowed Repairs Factory rent Salaries and wages Manufacturing exp Advertising Plant and machinery Office rent Misc. Expenses Bills receivable Carriage outwards Insurance premium Interest Cash at hand bs Cash at bank BS Sundry debtors Adjustments BS Rs 4800 30000 Asst 13000 12000 600 3500 75000 9500 950 1000 2500 2800 24000 19000 70000 3600 1000 12500 1500 600 1000 3500 7500 33800 333650 Closing stock 36850, Factory rent unpaid 500 4. Dividend accrued but not yet received 50 Insurance premium prepaid for a quarter →600-150 Asset, 5. Commission received in advance 100 Depreciate plant and machinery @10% and furniture and fittings at 5%, Provide interest on capital@6%, Provide interest on drawings@5%, 9. Bank interest outstanding LE2 10. Write off bad debts 800 11. Provide 5% for bad and doubtful debts 2. Provide 2% for discount on debtors 13. Provide 2% for discount on creditors. 100 38800676 600 €150 60 Rs 50000 10000 20000 200 235350 600 6500 200 10800 333650
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 6 images

Blurred answer
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