Review Questions Final Accounts for a Sole Trader 1.

From the following trial balance of S Thompson, you are asked to draw up an Income Statement for the year ended 31 March 20X2 and a Statement of Financial Position as at that date. Dr Sales Purchases Stock as at 1 April 20X1 Premises Equipment Carriage inwards Carriage outwards Returns inwards Bank Cash in hand Wages Insurance Advertising Motor repairs Capital Drawings Returns outwards Vehicles Debtors Creditors Sundries Rent Rates 99,995 4,330 75,000 18,500 230 195 375 5,995 877 9,500 750 205 590 76,850 11,540 560 12,000 8,950 11,560 328 3,260 4,350 25,6970 Cr 16,8000

25,6970

Stock as at 31 March 20X2 was valued at 11,855

2. From the following trial balance of A Dolphin, you are asked to draw up an Income Statement for the year ended 31 December 20X3 and a Statement of Financial Position as at that date. Dr Sales Purchases Carriage inwards Carriage outwards Wages Insurance Returns inwards Returns outwards Drawings Premises Equipment Debtors Creditors Bank Cash in hand Sundries Stock as at 1 January 20X3 Rent Rates Capital Stock as at 31 December 20X3 8,990 82,190 555 490 9,255 542 180 212 4,600 34,000 8,600 4,850 3,433 3,250 123 500 7,950 1,200 860 159,145 47,500 159,145 Cr 108,000

3. From the following trial balance of G Elliot, you are asked to draw up an Income Statement for the year ended 31 December 20X7 and a Statement of Financial Position as at that date. Dr Sales Purchases Stock as at 1 January 20X7 Carriage inwards Carriage outwards Returns inwards Returns outwards Wages Insurance Advertising Motor expenses Capital Drawings Premises Equipment Vehicles Debtors Creditors Bank Cash in hand Sundries 16,440 4,330 105 176 235 169 4,750 320 205 96 28,991 1,160 15,600 3,340 7,850 3,265 2,876 1,560 745 404 60,581 Cr 28,545

60,581

Stock at the close of business was valued at 5,690