The following trial balance was extracted from the books of a retail trader, who has been in business foRink KametTrial Balance as at 30 April 2020Dr.Cr.Sales288,128Purchases143,568216,000108,000EquipmentMotor VehicleDepreciation expenseProvision for depreciation - EquipmentProvision for depreciation - Motor VehicleOpening stockReturns in20,79081,90036,00028,1701,170Returns out432Accounts payables45,79451,4801,89036,79213,500Accounts receivablesBad debts expenseBankCashCarriage inCarriage out2,6102,4303,294Discounts allowedDiscounts received2,160212,058CapitalDrawings22,50043,2006,012RentInsuranceInterest expense7,434Loan52,0001,548Provision for bad debtsTelephoneWater rates5,9405,240720,020720,020Stock at 30 April 2020 was $25,700You are required to prepare the financial statements (Income Statement and BalanceSheet) for the year ended 30 April 2020

Financial statements means Income statement and Balance sheet of the business organisatio .

The following trial balance was extracted from the books of a retail trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 Dr. Cr. Sales 288,128 143,568 216,000 108,000 20,790 Purchases Equipment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation Motor Vehicle Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payables Accounts receivables 45,794 51,480 1,890 36,792 13,500 2,610 2,430 3,294 Bad debts expense Bank Cash Carriage in Carriage out Discounts allowed Discounts received 2,160 212,058 Capital Drawings 22,500 43,200 6,012 7,434 Rent Insurance Interest expense Loan 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020

The following trial balance was extracted from the books of a retail trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 Dr. Cr. Sales 288,128 143,568 216,000 108,000 20,790 Purchases Equipment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation Motor Vehicle Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payables Accounts receivables 45,794 51,480 1,890 36,792 13,500 2,610 2,430 3,294 Bad debts expense Bank Cash Carriage in Carriage out Discounts allowed Discounts received 2,160 212,058 Capital Drawings 22,500 43,200 6,012 7,434 Rent Insurance Interest expense Loan 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

J Wright, a sole trader, extracted the following trial balance from his books at the closeof business on 31 March 20X9:Dr Cr£ £Purchases and sales 61,420 127,245Stock 1 April 20X8 7,940Capital 1 April 20X8 25,200Bank overdraft 2,490Cash 140Discounts 2,480 62Returns inwards 3,486Returns outwards 1,356Carriage outwards 3,210Rent and insurance 8,870Provision for doubtful debts 630Fixtures and fittings 1,900Van 5,600Debtors and creditors 12,418 11,400Drawings 21,400Wages and salaries 39,200General office expenses 319168,383 168,383Notes:(a) Stock 31 March 20X9 £6,805.(b) Wages and salaries accrued at 31 March 20X9 £3,500; Office expenses owing £16.(c) Rent prepaid 31 March 20X9 £600.(d) Increase the provision for doubtful debts by £110 to £740.(e) Provide for depreciation as follows: Fixtures and fittings £190; Van £1,400. Required:Prepare the trading and profit and loss accounts for the year ended 31 March 20X9 together with abalance sheet as at that date
Q9 From the following trial balance of Lim Trading, draw up an Income Statement for the year ended 31 December 2018 and a balance sheet as at that date. Inventory (1.1.2018) Carriage outwards Carriage inwards Returns inwards Returns outwards Purchases Sales Salaries and wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor vehicles Fixture and fittings Trade receivables Trade payables Cash at bank Drawings Capital Inventory Debit (RM) 2,368 200 310 205 11,874 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 Docombor 2018 was $2 916 482 1,200 33,289 Dredit (RM 322 18,600 1,731 12,636 33,289
Please assist question attached
From the following trial balance of ZB Sons., Prepare trading account from the year ended 31 December 2019. $ Opening Stock 92,000 Purchases Return 11,600 19,200 Sales 4,77,600 Interest Sales Returns 7,29,400 Purchases 6,800 Carriage Inwards 37,200 Discount Allowed 3,600 Salaries 20,000 50,000 1,200 30,000 Investment Commission Wages Customs Duty 14,000 Octroi Duty 1,600 1,400 Audit Fee 7,47,800 7,47,800 The Closing Stock was valued at $1,60,000.
Prepare the general ledger by using statement format (column) and then record in trial balance as on 30 September 2020.
Prepare a statement of owner's equity and a classified balance sheet from the partial worksheet for Jamar Company
Prepare an income statement, balance sheet and statement of owner’s equity for theyear ended January 31, 2018 from the following adjusted trial balance:P. S SuppliesAdjusted Trial BalanceDecember 31, 2012Accounts Debit CreditCash $2,000Prepaid insurance 2,000Office supplies 600Office equipment 16,000Accumulated depreciation $3,000Accounts payable 5,000Salaries payable 900Unearned service revenue 2,500C. Devours, capital 7,450C. Devours, drawing 5,600Service revenue 15,350Salaries expense 4,600Depreciation expense 1,000Supplies expense 400Insurance expense 2,000Totals $34,200 $34,200
Prepare journal entries and adjusting entries for the following transactions. Please show your work.
Complete a general ledger based on the below
The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Debit Credit Cash $5,900 Accounts receivable 19,250 Allowance for doubtful accounts $2,385 Inventory 23,930 Accounts payable 9,955 Common stock 21,100 Retained earnings 15,640 Totals $49,080 $49,080 Transactions for Year 2 1. LGS acquired an additional $9,800 cash from the issue of common stock. 2. LGS purchased $61,900 of inventory on account. 3. LGS sold inventory that cost $63,600 for $95,900. Sales were made on account. 4. The company wrote off $1,100 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $14,530 cash for operating expenses. 7. The company collected $76,990 cash from accounts receivable. 8. A cash payment of $46,910 was paid on accounts payable. 9. The company paid a $5,100 cash dividend to the stockholders. 10. Accepted credit cards for…