The following is the trial balance of J. Jamieson as on 31 October 2020. You are to draw up an Income Statement for the year ended 31 October 2020 and a Statement of Financial Position as at the same date. Dr Cr Purchases 16,950 Sales 23,240 Stock in hand 31 October 2019 4,135 Postages and telephone Motor expenses 228 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors 4,698 Creditors 3,174 Premises 10,000 Motor vehicles 2,350 77 Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings Capital 3,850 20,850 48,722 48,722 Notes at 31* October 2020: 1. Stock on hand was £2,859 2. Expenses owing: Sundry expenses £22; Motor expenses £58. 3. Expenses prepaid: Rates £23; Telephone £11. 4. Ignore depreciation of fixed assets NB: All figures in thousands.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following is the trial balance of J. Jamieson as on 31 October 2020. You are to
draw up an Income Statement for the year ended 31 October 2020 and a Statement
of Financial Position as at the same date.
Dr
Cr
£
Purchases
16,950
Sales
23,240
Stock in hand 31 October 2019
4,135
Postages and telephone
Motor expenses
228
399
Salaries
4,364
Sundry expenses
83
Rent
390
Rates
155
Debtors
4,698
Creditors
3,174
Premises
10,000
Motor vehicles
2,350
77
Fixtures and fittings
1,120
Bank overdraft
1,458
Drawings
Capital
3,850
20,850
48.722
48,722
Notes at 31t October 2020:
1. Stock on hand was £2,859
2. Expenses owing: Sundry expenses £22; Motor expenses £58.
3. Expenses prepaid: Rates £23; Telephone £11.
4. Ignore depreciation of fixed assets
NB: All figures in thousands.
Transcribed Image Text:The following is the trial balance of J. Jamieson as on 31 October 2020. You are to draw up an Income Statement for the year ended 31 October 2020 and a Statement of Financial Position as at the same date. Dr Cr £ Purchases 16,950 Sales 23,240 Stock in hand 31 October 2019 4,135 Postages and telephone Motor expenses 228 399 Salaries 4,364 Sundry expenses 83 Rent 390 Rates 155 Debtors 4,698 Creditors 3,174 Premises 10,000 Motor vehicles 2,350 77 Fixtures and fittings 1,120 Bank overdraft 1,458 Drawings Capital 3,850 20,850 48.722 48,722 Notes at 31t October 2020: 1. Stock on hand was £2,859 2. Expenses owing: Sundry expenses £22; Motor expenses £58. 3. Expenses prepaid: Rates £23; Telephone £11. 4. Ignore depreciation of fixed assets NB: All figures in thousands.
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