Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 11.00

K Atkinson Trial balance

From the following trial balance and additional information construct an income statement for the year ended 31 July 2017 and a balance sheet as at that date.

K Atkinson Trial balance as at 31 July 2017

 

Dr £

Cr £

Sales

  

168,000

Purchases

75,000

  

Opening inventory

11,000

  

Property

200,000

  

Machinery

28,000

  

Debtors

7850

  

Creditors

  

5,670

General expenses

5,400

  

Maintenance expenses

8,900

  

Wages

35,000

  

Office expenses

5,470

  

Provision for depreciation on property

  

5,500

Provision for depreciation on machinery

  

11,000

Provision for doubtful debts

  

250

Capital

  

148,000

Drawings

17,500

  

Bank

4,300

  

Loan

  

60,000
 

398,420

398,420

Additional information:

1Inventory as at 31 July 2017 is valued at £19,800.

2Depreciation is to be provided on cost at the following rates:

aProperty2%

bMachinery20%.

3Wages still owing as at 31 July 2017 were £2,400.

4Maintenance prepaid as at 31 July 2017 was £450.

5The provision for doubtful debts is to be maintained at 4% of debtors.

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 07:07 PM My Price 11.00

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