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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
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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Hi Please help with these two questions - The two images form the one trial balance table to work with

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

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: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
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
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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