Exercise 3.3 (solution on page 63) Nosedrill Ltd issued the following balance sheet at the end of November 2009: The following is a summary of transactions that took place during December 2009 at Nosedrill Ltd: 1. The business purchased inventories for 15.000. The cash payment is 5.000. The rest is purchase on credit. 2. The business received 75.000 in partial collection of the trade debtors. 3. The business paid employees wages earned in November f18.000. 4. The business sold inventories for a) 20.000 on credit (cost 13.000 ) and b) 30.000 in cash (cost 23.000 ). 5. The existing machinery (net book value at the end of November given in the balance sheet) was bought on November 1, 2008 for 340.000. The depreciation of December needs to be reflected. 6. The telephone bill of December has not arrived until December 31. Hence, an estimation of f.250 was made. 7. Due to holidays, the business paid the December and January rent together 7.500. Required: Record the transactions in T-accounts, close the accounts properly, prepare a trial balance as well as an income statement for December 2009 and a new balance sheet as of 31 December 2009
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