The following balances were extracted from the ledgers of Brite Sparks Ltd. at December31, 2005114,182СарpitalFurnitureCommission received36,0002,000Carriage InwardsInsuranceDrawingsRates8,2886,00015,60015,2442,66250,8401,75426,000StationerySalaries and WagesDiscount AllowedDebtorsCreditors14,942260Return outwardsCashBankPurchasesSalesStock 1/1/20053544,004144,700256,15621,85410,00024080,000Motor VanReturn InwardsPremisesLong Term Loan423,54036,000423,540Closing Stock $28,000You are required to1. Prepare the Trading, Profit and Loss Account for the year ended December 31, 20052. Balance Sheet as at that date

Financial statement is prepared from the trial balance which include :- Profit and loss and…

The following balances were extracted from the ledgers of Brite Sparks Ltd. at December 31, 2005 Саpital Furniture Commission received Carriage Inwards Insurance Drawings Rates Stationery Salaries and Wages Discount Allowed 114,182 36,000 2,000 8,288 6,000 15,600 15,244 2,662 50,840 1,754 26,000 Debtors Creditors Return outwards Cash Bank Purchases Sales Stock 1/1/2005 14,942 260 354 4,004 144,700 256,156 21,854 10,000 240 80,000 Motor Van Return Inwards Premises Long Term Loan 423,540 36,000 423,540 Closing Stock $28,000 You are required to 1. Prepare the Trading, Profit and Loss Account for the year ended December 31, 2005 2. Balance Sheet as at that date

The following balances were extracted from the ledgers of Brite Sparks Ltd. at December 31, 2005 Саpital Furniture Commission received Carriage Inwards Insurance Drawings Rates Stationery Salaries and Wages Discount Allowed 114,182 36,000 2,000 8,288 6,000 15,600 15,244 2,662 50,840 1,754 26,000 Debtors Creditors Return outwards Cash Bank Purchases Sales Stock 1/1/2005 14,942 260 354 4,004 144,700 256,156 21,854 10,000 240 80,000 Motor Van Return Inwards Premises Long Term Loan 423,540 36,000 423,540 Closing Stock $28,000 You are required to 1. Prepare the Trading, Profit and Loss Account for the year ended December 31, 2005 2. Balance Sheet as at that date

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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Blossom Company has a balance in its Accounts Receivable control account of $11,300 on January 1, 2022. The subsidiary ledger contains three accounts: Bixler Company, balance $4,200: Cuddyer Company, balance $2,200, and Freeze Company. During January the following receivable-related transactions occurred. Bixler Company Cuddyer Company Freeze Company (a) Credit Sales Collections $9,000 $7,900 2.600 8.800 7.100 8.500 Returns $0 3.000 Balance in the Freeze Company subsidiary account S 0 What is the January 1 balance in the Freeze Company subsidiary account?
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