Preparing a balance sheeet and income statement from a trial balance
Trial balance of Mahendra Traders as at 28 feb 2007
Capital R320 000
Drawings 40 000
Land and buildings 440 000
Motor vehicles 360 000
Accumulated depreciation on vehicles 108 000
Furniture & Equipment 60 000
Accumulated depreciation on furniture and Equipment 18 000
Debtors control 24 000
Provision for bad debts 1 200
Creditors control 46 800
Inventories 60 000
Bank 46 000
Prepaid expenses 1 200
Accrued income 800
Loan from citi bank 400 000
Accrued expenses 24 000
Revenue 800 000
Cost of sales 240 000
Discount received 1 200
Commission income 1 800
Rent expense 96 000
Salaries and wages 80 000
Water and electricity 36 000
Telephone 34 000
Depreciation (18 000 + 3 000) 42 000
Interest on loan 64 000
Consumable stores 8 000
Repairs 32 000
Municipal rates 55 400
Bad debts 1 600
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