BUSINESS FINANCE : FINANCIAL STATEMENT PROBLEM

Jun 18th, 2015
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The following additional information as at 31st may 2010 is available:a) Rent is accrued by £210 b) Rates have been prepaid by £880 c) £2211 Of carriage represents carriage inwards on purchases d) Equipment is depreciated at 5%per annum using straight line method e) Provision for doubtful debts is to be increased by £40

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BUSINESS FINANCE ASSIGNMENT 2QUESTION 1TRIAL BALANCE AS AT 31ST MAY 2010--------------------------------------------------------------------------------------------------------------------Sales138,078Purchases82,350Carriage5,144Drawings7,800Rent, rates and insurance6,622Postage and stationery3,001Advertising1,330Salaries and wages26,420Bad debts877Provision for doubtful debts130Debtors12,120Creditors6,471Cash in hand177Cash at bank1,002Stock as at 1st June 200911,927Equipment at cost58,000Accumulated depreciation19,000Capital53,091216,770216,770The following additional information as at 31st may 2010 is available:a) Rent is accrued by 210b) Rates have been prepaid by 880c) 2211 Of carriage represents carriage inwards on purchasesd) Equipment is depreciated at 5%per annum using straight line methode) Provision for doubtful debts is to be increased by 40f) Stock at the close of business has been valued at 13,551Required:Prepare trading and profit and loss account for the year ended 31st may 2010 and a balance sheet as at thesame date.ANSWERRent, Insurance, rates a/cBal c/d 6622Accrued rent2106832bal c/d 68326832Rent, insurance , rates a/cBal b/d6622Accrued rent210prepaid ratesbal c/d880595268326832Carriage inwards a/cBal b/d 5144purchases 211Bal c/d514449335144Equipments a/cBal b/d 58000equipment depreciated 290Bal c/d 57,71058000580

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