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    H3DSNF's Avatar
    H3DSNF Posts: 1, Reputation: 1
    New Member
     
    #1

    May 15, 2012, 10:29 AM
    general journal,ledger,trading and profit and Loss and balance sheet
    The following trial balance has been extracted from the ledger of J Wright,a sole trader.

    TRIAL BALANCE AS AT 30 JUNE 2010
    Dr Cr

    Sales 138,078
    Purchases 82,350
    Carriage 5,144
    Drawings 7,800
    Rent,rates and insurance 6,622
    Postage and stationery 3,001
    Advertising 1,330
    Salaries and wages 26,420
    Bad debts 877
    Allowance for doubtful debts 130
    Accounts receivable 12,120
    Accounts payable 6,471
    Cash in hand 177
    Cash at bank 1,002
    Inventory as at 1 July 2009 11,927
    Equipment at cost 58,000
    Accumulated depreciation - equipment 19,000
    Capital 53,091

    216,770 216,770


    The following additional information as at 30 June 2010 is available

    a. Rent is accrued by $210
    b. Rates have been prepaid by $880
    c. $2,211 of carriage represents carriage inwards on purchases
    d. Equipment is to be depreciated at 15% per annum using the straight line
    method
    e. The allowance for doubtful debts is estimated to be $170
    f. Inventory at the close of the business has been valued $13,551




    You are required to:
    A. Show the general journal entries for each one of the balance day
    adjustments
    B. Show the closing entries in general journal
    C. Post (A) and (B) to the ledger accounts.Show the following accounts
    after posting:

    i. The allowance of doubtful debts
    ii. Bad debts account
    iii. Rent,rates and insurance
    iv. Salaries and wages
    v. Depreciation equipment
    vi. Accumulated depreciation - equipment
    vii Prepaid expense account
    viii. Sales
    ix. Trading account
    x. Profit and Loss account

    D. Prepare a properly classified trading,profit and Loss statement and balance
    sheet for the accounting year end 30 June 2010
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
    Ultra Member
     
    #2

    May 15, 2012, 04:11 PM
    Quote Originally Posted by H3DSNF View Post
    The following trial balance has been extracted from the ledger of J Wright,a sole trader.

    TRIAL BALANCE AS AT 30 JUNE 2010
    Dr Cr

    Sales 138,078
    Purchases 82,350
    Carriage 5,144
    Drawings 7,800
    Rent,rates and insurance 6,622
    Postage and stationery 3,001
    Advertising 1,330
    Salaries and wages 26,420
    Bad debts 877
    Allowance for doubtful debts 130
    Accounts receivable 12,120
    Accounts payable 6,471
    Cash in hand 177
    Cash at bank 1,002
    Inventory as at 1 July 2009 11,927
    Equipment at cost 58,000
    Accumulated depreciation - equipment 19,000
    Capital 53,091

    216,770 216,770


    The following additional information as at 30 June 2010 is available

    a. Rent is accrued by $210
    b. Rates have been prepaid by $880
    c. $2,211 of carriage represents carriage inwards on purchases
    d. Equipment is to be depreciated at 15% per annum using the straight line
    method
    e. The allowance for doubtful debts is estimated to be $170
    f. Inventory at the close of the business has been valued $13,551




    You are required to:
    A. Show the general journal entries for each one of the balance day
    adjustments
    B. Show the closing entries in general journal
    C. Post (A) and (B) to the ledger accounts.Show the following accounts
    after posting:

    i. The allowance of doubtful debts
    ii. Bad debts account
    iii. Rent,rates and insurance
    iv. Salaries and wages
    v. Depreciation equipment
    vi. Accumulated depreciation - equipment
    vii Prepaid expense account
    viii. Sales
    ix. Trading account
    x. Profit and Loss account

    D. Prepare a properly classified trading,profit and Loss statement and balance
    sheet for the accounting year end 30 June 2010
    And your question is?

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