QUESTION ONE C. The following trial balance was extracted from the books of xulu at the close of business on 29 February 2016. Dr Ksh. Cr Ksh. Purchases and sales Cash at bank Cash in hand Capital account 1 March 2015 Drawings Office furniture Rent Wages and salaries Discounts 92.800 4.100 324 157.165 11,400 17,100 2.900 3.400 31.400 820 160 Debtors and creditors Stock 1 March 2015 Provision for doubtful debts 1 March 2015 Delivery van Van running costs Bad debts written off 12.316 4.120 5.245 405 3.750 615 730 174.375 174,375 Additional information. (a) Stock 29 February 2016 was Ksh. 2,400. (b) Wages and salaries accrued at 28 February 2016 was Ksh. 340. (c) Rent prepaid at 29 February 2016 was Ksh. 230. (d) Van running costs owing at 29 February 2016 Ksh. 72. (e) Increase the provision for doubtful debts by Ksh. 91. (f) Provide for depreciation as follows: Office funiture Ksh. 380; Delivery van Ksh. 1,250. Required Prepare 1) Trading and profit and loss account (income Statement) for the year ended 29 February 2016. 2) Balance sheet (Statement of Financial position) as at that date.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QUESTION ONE
C. The following trial balance was extracted from the books of xulu at the close of business
on 29 February 2016.
Dr
Ksh.
92.800
4.100
324
Cr
Ksh.
157.165
Purchases and sales
Cash at bank
Cash in hand
Capital account 1 March 2015
Drawings
Office furniture
Rent
Wages and salaries
Discounts
11.400
17,100
2.900
3.400
31.400
820
160
Debtors and creditors
12,316
4.120
5,245
Stock 1 March 2015
Provision for doubtful debts 1 March 2015
Delivery van
Van running costs
Bad debts written off
405
3.750
615
730
174,375
174,375
Additional information.
(a) Stock 29 February 2016 was Ksh. 2,400.
(b) Wages and salaries accrued at 28 February 2016 was Ksh. 340.
(c) Rent prepaid at 29 February 2016 was Ksh. 230.
(d) Van running costs owing at 29 February 2016 Ksh. 72.
(e) Increase the provision for doubtful debts by Ksh. 91.
(f) Provide for depreciation as follows: Office fumiture Ksh. 380; Delivery van Ksh. 1,250.
Required Prepare
1) Trading and profit and loss account (income Statement) for the year ended 29
February 2016.
2) Balance sheet (Statement of Financial position) as at that date.
Transcribed Image Text:QUESTION ONE C. The following trial balance was extracted from the books of xulu at the close of business on 29 February 2016. Dr Ksh. 92.800 4.100 324 Cr Ksh. 157.165 Purchases and sales Cash at bank Cash in hand Capital account 1 March 2015 Drawings Office furniture Rent Wages and salaries Discounts 11.400 17,100 2.900 3.400 31.400 820 160 Debtors and creditors 12,316 4.120 5,245 Stock 1 March 2015 Provision for doubtful debts 1 March 2015 Delivery van Van running costs Bad debts written off 405 3.750 615 730 174,375 174,375 Additional information. (a) Stock 29 February 2016 was Ksh. 2,400. (b) Wages and salaries accrued at 28 February 2016 was Ksh. 340. (c) Rent prepaid at 29 February 2016 was Ksh. 230. (d) Van running costs owing at 29 February 2016 Ksh. 72. (e) Increase the provision for doubtful debts by Ksh. 91. (f) Provide for depreciation as follows: Office fumiture Ksh. 380; Delivery van Ksh. 1,250. Required Prepare 1) Trading and profit and loss account (income Statement) for the year ended 29 February 2016. 2) Balance sheet (Statement of Financial position) as at that date.
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 The following trial balance was extracted from the books of xulu at the close of business on 29 February 2016. Dr Ksh. 92.800 4.100 324 Cr Ksh. 157.165 Purchases and sales Cash at bank Cash in hand Capital account 1 March 2015 Drawings Office furniture Rent Wages and salaries Discounts 11.400 17,100 2.900 3.400 31.400 820 160 Debtors and creditors 12,316 4.120 5,245 Stock 1 March 2015 Provision for doubtful debts 1 March 2015 Delivery van Van running costs Bad debts written off 405 3.750 615 730 174,375 174,375 Additional information. (a) Stock 29 February 2016 was Ksh. 2,400. (b) Wages and salaries accrued at 28 February 2016 was Ksh. 340. (c) Rent prepaid at 29 February 2016 was Ksh. 230. (d) Van running costs owing at 29 February 2016 Ksh. 72. (e) Increase the provision for doubtful debts by Ksh. 91. (f) Provide for depreciation as follows: Office fumiture Ksh. 380; Delivery van Ksh. 1,250. Required Prepare 1) Trading and profit and loss account (income Statement) for the year ended 29 February 2016. 2) Balance sheet (Statement of Financial position) as at that date.

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