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

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....

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