The accounting period of Grace Stores ends on 30 November each year. Their Trial Balance on 30 November 2022 is given below: 1. Prepare the Trading and Profit and Loss Account of Grace Stores for the most recent accounting period. 2. Prepare the Balance Sheet of Grace Stores on 30 November 2022 Capital Drawings Land and Buildings Equipment (at cost) Vehicle (at cost) Inventory (30 November 2022) Mortgage Loan (15%) Short Term Loan (14%) Fixed Deposit (12%) Debtors Control Creditors Control Cash Float Petty Cash Bank Accumulated depreciation: Equipment Vehicles Provision for Bad Debt Sales Cost of Sales Wages and Salaries Consumable Stores DR 4 800 22 000 6 900 9 000 5 542 4 000 1372 100 50 19 450 9 600 500 CR 26 726 10 000 2 000 1 819 1916 300 1 800 60 38 500
The accounting period of Grace Stores ends on 30 November each year. Their Trial Balance on 30 November 2022 is given below: 1. Prepare the Trading and Profit and Loss Account of Grace Stores for the most recent accounting period. 2. Prepare the Balance Sheet of Grace Stores on 30 November 2022 Capital Drawings Land and Buildings Equipment (at cost) Vehicle (at cost) Inventory (30 November 2022) Mortgage Loan (15%) Short Term Loan (14%) Fixed Deposit (12%) Debtors Control Creditors Control Cash Float Petty Cash Bank Accumulated depreciation: Equipment Vehicles Provision for Bad Debt Sales Cost of Sales Wages and Salaries Consumable Stores DR 4 800 22 000 6 900 9 000 5 542 4 000 1372 100 50 19 450 9 600 500 CR 26 726 10 000 2 000 1 819 1916 300 1 800 60 38 500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi Please help with these two questions - The two images form the one
The accounting period of Grace Stores ends on 30 November each year. Their Trial Balance on 30
November 2022 is given below:
1. Prepare the Trading and
accounting period.
2. Prepare the

Transcribed Image Text:The accounting period of Grace Stores ends on 30 November each year. Their Trial Balance on 30
November 2022 is given below:
1. Prepare the Trading and Profit and Loss Account of Grace Stores for the most recent
accounting period.
2. Prepare the Balance Sheet of Grace Stores on 30 November 2022
Capital
Drawings
Land and Buildings
Equipment (at cost)
Vehicle (at cost)
Inventory (30 November 2022)
Mortgage Loan (15%)
Short Term Loan (14%)
Fixed Deposit (12%)
Debtors Control
Creditors Control
Cash Float
Petty Cash
Bank
Accumulated depreciation: Equipment
Vehicles
Provision for Bad Debt
Sales
Cost of Sales
Wages and Salaries
Consumable Stores
DR
4 800
22 000
6 900
9 000
5 542
4 000
1 372
100
50
19 450
9 600
500
CR
26 726
10 000
2 000
1 819
1916
300
1 800
60
38 500

Transcribed Image Text:Income: Rent
Bank Charges
HC1ACAS
Stationery
Discount Received
Telephone
Vehicle Expenses
Interest on Loan
Bad debt
Income: Interest
133
175
287
400
1 920
40
86 269
2 600
2|Page
308
240
86 269
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