07:56 OG GROUP...ASSIGNMENT ONE:DETAILSSalesPurchasesCarriageDrawingsRates, Rent, InsurancePostage and StationerySalary and wagesEBad debtsProvision for bad debtsDebtorsCreditorsCash in HandCash at BankStock (1st Jan )Equipment at CostAccumulated DepreciationCapitalTOTALQUESTION : 1The following Trial balance was extracted from the book of Jim Jones a Sole Trader at December31st, 2020DEBITThe following matters are to be taken into account:A. Rent is accrued by $210B. Rates have been prepaid by $880NOTotal Marks: 20($) CREDIT82,3505,1447,8006,6223,00126,42087712,1201,5071,00211,92758,00053,091216,770C. $2,211 of the carriage represents carriage inwards on purchasesD. Equipment is to be depreciated at 15% per annum using the straight line methodE. The provision for bad debts is to be increased to $170F. Stock as at 31st December has been valued at $13,55148%($)138,0781306,47119,000216,770G. During the year Jim withdrew goods valued $200 for his own use. No entry was recorded forwithdrawal in the books.H. NET PROFIT for the period $7418REQUIRED:Prepare Mr. Jim Jones's Balance Sheet on at December 31, 2020. (Trading and Profit &Loss account is not required).You must use Vertical Presentation Format for preparing the Balance Sheet.

Balance sheet: It is a financial statement prepared to show the financial position of the company…

The following Trial balance was extracted from the book of Jim Jones a Sole Trader at December 31st, 2020 DETAILS Sales Purchases Carriage Drawings Rates, Rent, Insurance. Postage and Stationery Salary and wages Bad debts Provision for bad debts Debtors Creditors Cash in Hand Cash at Bank Stock (1st Jan ) Equipment at Cost Accumulated Depreciation Capital TOTAL DEBIT The following matters are to be taken into account: A. Rent is accrued by $210 B. Rates have been prepaid by $880 ($) 82,350 5,144 7,800 6,622 3,001 26,420 877 12,120 1,507 1,002 11,927 58,000 53,091 216,770 CREDIT ($) 138,078 130 6,471 19,000 216,770 C. $2,211 of the carriage represents carriage inwards on purchases D. Equipment is to be depreciated at 15% per annum using the straight line method E. The provision for bad debts is to be increased to $170 F. Stock as at 31st December has been valued at $13,551 G. During the year Jim withdrew goods valued $200 for his own use. No entry was recorded for withdrawal in the books. H. NET PROFIT for the period $7418 REQUIRED: Prepare Mr. Jim Jones's Balance Sheet on at December 31, 2020. (Trading and Profit & Loss account is not required). You must use Vertical Presentation Format for preparing the Balance Sheet.

The following Trial balance was extracted from the book of Jim Jones a Sole Trader at December 31st, 2020 DETAILS Sales Purchases Carriage Drawings Rates, Rent, Insurance. Postage and Stationery Salary and wages Bad debts Provision for bad debts Debtors Creditors Cash in Hand Cash at Bank Stock (1st Jan ) Equipment at Cost Accumulated Depreciation Capital TOTAL DEBIT The following matters are to be taken into account: A. Rent is accrued by $210 B. Rates have been prepaid by $880 ($) 82,350 5,144 7,800 6,622 3,001 26,420 877 12,120 1,507 1,002 11,927 58,000 53,091 216,770 CREDIT ($) 138,078 130 6,471 19,000 216,770 C. $2,211 of the carriage represents carriage inwards on purchases D. Equipment is to be depreciated at 15% per annum using the straight line method E. The provision for bad debts is to be increased to $170 F. Stock as at 31st December has been valued at $13,551 G. During the year Jim withdrew goods valued $200 for his own use. No entry was recorded for withdrawal in the books. H. NET PROFIT for the period $7418 REQUIRED: Prepare Mr. Jim Jones's Balance Sheet on at December 31, 2020. (Trading and Profit & Loss account is not required). You must use Vertical Presentation Format for preparing the Balance Sheet.

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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Required: Balance Sheet
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