Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. debit credit cash in hand 3,400 bank balance 18,66

Debit CREDIT Cash in hand 3,400 Bank Balance 18,660 Stock 1 st Jan 2016 46,000...

50.1K

Verified Solution

Question

Accounting

image
Debit CREDIT Cash in hand 3,400 Bank Balance 18,660 Stock 1 st Jan 2016 46,000 Purchase and purchase returns 150,200 600 Freehold premises 38,600 Incidental trade expenses 840 Insurance 1,640 Audit fees 280 Commission received 3,300 Bank overdraft 4,000 Interest on Bank Overdraft 200 Trade Debtors 36,000 Trade Creditors 34,670 Wages 25,000 Salaries 14,000 Capital Drawings 5,000 114,000 Income tax 1,600 Investments 4,000 Discount allowed and received 6,300 Sales return and sales 550 4,600 Bills receivable 3,200 201,350 Office furniture 3,050 Rent 4,000 Adjustments: a) Stock at 31 December 2017 is 52,000 by Write off 5% depreciation on freehold premises and 10% on office furniture c) Unpaid wages are 4,200 d) Insurance to the extent of 200 relates to the year 2017 - 2018 e) Charge interest on capital e 5% and 300 on drawings. f) Rent is payable at the rate of 400 per month Required: 1) Prepare Trading &: Profit and Loss account for the year ended 31 December 2017 2) Prepare Balance Sheet as on 31 December 2017

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students