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Category > Accounting Posted 13 Jul 2017 My Price 6.00

profit and loss,

prepare trading and profit and loss account...

Prepare trading and profit & loss account from following ledger account balances of Hales & Buttler Traders.

Trial Balance of Hales & Buttler Traders as at 31st December 2015

Particulars	Debit Amount (in £s)	Credit Amount (in £s)
Opening stock a/c	15,060
Advertisement a/c	3,050
Wages a/c	16,150
Repairs& Maintenance a/c	11,000
Sales a/c		426,000
Purchases a/c	285,000
Salaries a/c	48,500
Machinery a/c	125,000
Creditor a/c		52,500
Debtors a/c	78,100
Carriage outwards a/c	26,000
Land a/c	280,000
Drawings a/c	62,180
Rent a/c	10,000
Capital a/c		481,540
Total	960,040	960,040

*Closing stock valued at £9,960

Johnson & Co.

As at 30 June, 2015, Johnson’s cash book showed a debit balance of £300; his bank statement showed an overdraft of £100. He notes the following points:

A cheque for £60 drawn by Mr. Bekham was incorrectly cleared by bank through this account.

The bank statement does not show receipts of 30 June, 2015 amounting to £724.

A cheque for £76 from a debtor was dishonoured.

Johnson had brought forward a total of £2,154 on the receipt side of the cash book as £1,254.

Johnson had omitted standing orders for payments totalling £175 and bank charges of £7 from his cash book.

Johnson had transferred £500 from his deposit account to his current account, the bank had performed the reverse transfer.

Outstanding cheques, excluding those written back, totalled £750.

In the previous month, Johnson has written back old chequestotalling £34 without telling the bank that these were to be cancelled. One of these cheques, for £8, was presented for payment and appeared on the bank Statement.

You are required to show the adjustments to be made to the cash book and; produce a bank reconciliation statement as at 30 June, 2015.

You are required to prepare trading and profit & loss account from following ledger account balances of Martina Stores.

Trial Balance of Martina Stores as at 30thJune 2015

Particulars	Debit Amount (in £s)	Credit Amount (in £s)
Opening stock a/c	21,300
Wages a/c	14,760
Marketing a/c	12,400
Sales a/c		371,810
Purchases a/c	216,500
Purchase returns a/c		3,600
Salaries a/c	39,200
Postage and communication	11,000
Machinery a/c	67,900
Creditor a/c		41,100
Debtors a/c	51,600
Carriage inwards a/c	13,390
Carriage outwards a/c	21,800
Land a/c	180,440
Drawings a/c	48,190
Rent a/c	8,600
Capital a/c		290,570
Total	707,080	707,080

Prepare trading and profit & loss account from following ledger account balances of McCullum Brothers.

Trial Balance of McCullum Brothers as at 31st December 2015

Particulars	Debit Amount (in £s)	Credit Amount (in £s)
Electricity expense	22,050
Repairs expense	17,060
Sales revenue		576,600
Purchases	305,000
Salaries expense	48,500
Vehicles	125,000
Sales returns	7,600
Discount expense	15,090
Creditor		76,300
Carriage outwards	37,000
Buildings	320,000
Furniture	135,000
Drawings	78,140
Fuel expense	24,000
Capital a/c		481,540
Total	1,134,440	1,134,440

*Closing stock valued at £22,210

Prepare trading and profit & loss account from following ledger account balances:

Trial Balance as at 31st December 2015

Particulars	Debit Amount (in £s)	Credit Amount (in £s)
Sales a/c		681,560
Opening stock a/c	24,060
Wages a/c	26,100
Repairs & Maintenance a/c	18,000
Purchases a/c	425,070
Salaries a/c	48,500
Buildings a/c	165,000
Advertisement a/c	13,000
Creditor a/c		62,400
Debtors a/c	87,170
Carriage outwards a/c	36,060
Land a/c	310,000
Drawings a/c	82,100
Rent a/c	30,500
Capital a/c		521,600
Total	1,265,560	1,265,560

*Bad debts during the year were £7,260.

Manager accounts of Hills Retail House has approached you to help him in preparing trading and profit & loss account from following ledger account balances of Hills Retail House:

Trial Balance of Hills Retail House as at 31st December 2015

Particulars	Debit Amount (in £s)	Credit Amount (in £s)
Fuel expenses a/c	3,630
Advertisement a/c	3,000
Repairs & Maintenance a/c	11,070
Sales a/c		351,850
Purchases a/c	175,000
Salaries a/c	28,500
Vehicles a/c	65,000
Creditor a/c		22,700
Debtors a/c	18,100
Discount expense a/c	4,010
Buildings a/c	100,000
Drawings a/c	22,180
Legal and professional expenses a/c	10,400
Bank charges a/c	3,400
Telephone expense a/c	1,550
Capital a/c		71,290
Total	445,840	445,840

Following further information is relevant:

Closing stock was £3,220.

Purchases of £8,750 were wrongly booked in sales.

Answers

QuickHelper

(10)

Status NEW Posted 13 Jul 2017 08:07 AM My Price 6.00

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