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Account
Profit Loss
Dr
Income Statement Capital Account
Cr
Capital Account Income Statement
The drawing account is balanced and transferred to the capital account. The remaining assets the liabilities accounts are balanced off and carried forward to the next accounting period. These will appear in the balance sheet prepared as at the last date of the accounting year.
Peter Ltd
Question
The following Trial Balance was extracted from Peter Ltd on 31st December 2004. $ Turnover Expenses Drawings MV Bank Payables Capital 470 100 20 240 110 30 140 470 $ 300
You are required to complete the4 following accounts are prepare the for the year ended 31.12.2004
Turnover
B/D 300 B/D
Expenses
100
Income statement
Exp Turnover
Income Statement
Turnover Expenses Profit
Drawing Account
B/D 20
Capital Account
B/D 140
Peter Ltd
Balance Sheet
Non Current Assets MV Current Assets Bank Capital & Liabilities Capital at Liabilities + Profit - Drawings Capital at End Current Liabilities Payables
Question
Youve been provided with the trial balance of J Sparks for the year ended 31 st of December 2009. Dr Description Sales Purchase Long Term Loan Land & Building Motor vehicles Carriage Inwards Carriage Outwards 300,000 100,000 4,000 6,000 100,00 50,000 ($) Cr ($) 500,000
Return Inwards Return outwards Electricity Rent & Rates Heating & Lighting Postage & Stationary Bad Debts Discounts Advertising Salesman Salary Wages Interest Expenses Commission Income Interest Income Debtors Creditors Bank balance Cash Balance Drawings Capital
10,000 15,000 2,000 3,000 6,000 1,000 4,000 5,000 8,000 6,000 8,000 9,000 13,00 15,000 50,000 20,000 200,000 75,000 10,000 287,000 907,000 907,000 7,000
I Ching
Question
From the following trial balance I Ching extracted after one years trading. Prepare an Income Statement for the year ended 31 December 2003. A Balance sheet is also required. Trial Balance as at 31 December 2003 DR ($) Sales Purchase Salaries Motor expenses Rent Insurance General expenses Premises Motor Vehicles Debtors Creditors Cash at bank Cash in hand Drawings Capital 35,424 11,654 40 895 5,424 35,424 14,629 2,150 520 670 111 105 1,500 1,200 1,950 1,538 CR ($) 28,462
D Blacksmith Question
From the following trial of D Blacksmith after his first years trading. You are required to draw up an Income statement for the year ended 30 June 2008. A balance sheet is also required. Trail Balance as at 30 June 2008. DR ($) Sales Purchase Rent Lightening & heatining Expenses Salaries & Wages Insurance Building Fixtures Debtors Sundry Expenses Creditors Cash at bank Drawings Vans Capital 3,847 2,400 5,500 1,133 115,900 115,900 23,803 854 422 3,164 105 70,000 1,000 3,166 506 1,206 CR ($) 48,794
Prepare an Income Statement for the year ended 30.06.20083 and a balance sheet as at that date.
Account
Stock Account Cost of Sales
Dr ($)
XX
Cr ($)
XX
This stock is referred to as the closing stock as at the end of the year. As at beginning of the next year the same stock would be referred to as the opening stock. During the second year if these goods are sold the balance in the stock account would be charged to cost of sales as follows.
Account
Cost of Sales Stock Account
Dr ($)
XX
Cr ($)
XX
Question
From the following trial of F Chaplin draw up on conclusion of his first year in an Income statement for the year ended 31 December 2008. A balance sheet is also required.
F Kidd
Question
The Trial Balance of Kidd as at 30th June 2008 is as follows.
DR ($) Rent Insurance Lightning & heating expenses Motor expenses Salaries & Wages Sales Purchases Sundry expenses Vans Creditors Debtors Fixtures Buildings Cash at bank Drawings Capital 90,649 6,810 3,960 28,000 1,134 6,278 51,799 90,649 30,970 806 3,500 3,250 1,560 305 516 1,960 4,850 35,600 CR ($)
Question
From the following trial of R Graham draw up an Income statement for the year ended 30 September 2009, and a balance sheet as at that date.
DR ($) Stock 1 October 2008 Carriage Outwards Carriage inwards Returns inwards Return outwards Purchase Sales Salaries & Wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor Vehicles Fixtures and fitting Debtors Creditors 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 11,874 2,368 200 310 205
CR ($)
322
18,600
1,731
Question
The Following trial balance was extracted from the books of B Jackson on 30 April 2007. From it, and the note about stock, prepare his Income statement the year ended 30 April 2007 and a balance sheet as at that date.
DR ($) Sales Purchases Stock 1 May 2006 Carriage outwards Carriage Inwards Return Inwards Return outwards Salaries & Wages Motor expenses Rent Sundry expenses Motor Vehicle Fixtures and fittings 2,447 664 576 1,202 2,400 600 11,556 3,776 326 234 440
CR ($) 18,600
355
Question
The Following is Trial Balance of J Smailes as at 31 March 2009. Draw up a set of financial statements for the year ended 31 March 2009.
DR ($) Stock 1 April 2008 Sales Purchases Carriage Inwards Carriage outwards Return outwards Wages & Salaries Rent & rates Communication expenses Commissions payable Insurance 10,240 3,015 624 216 405 69,185 420 1,570 18,160
CR ($)
92,340
640
Sundry Expenses Buildings Debtors Creditors Fixtures Cash at bank Cash in hand Drawings Capital
318 20,000 14,320 8,160 2,850 2,970 115 7,620 50,888 152,028 152,028