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 228 Motor expenses 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 3,850 Capital _____ 20,850 48,722 48,722 Notes at 31st October 2020: Stock on hand was £2,859 Expenses owing: Sundry expenses £22; Motor expenses £58. Expenses prepaid: Rates £23; Telephone £11. Ignore depreciation of fixed assets NB: All figures in thousands.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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
228


Motor expenses
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
3,850


Capital
_____
20,850


48,722
48,722


Notes at 31st October 2020:
Stock on hand was £2,859
Expenses owing: Sundry expenses £22; Motor expenses £58.
Expenses prepaid: Rates £23; Telephone £11.
Ignore depreciation of fixed assets
NB: All figures in thousands.

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