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  3. required (d) prepare the bank account for the year

REQUIRED (d) Prepare the bank account for the year ended 30 April 2017. Clearly show...

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Accounting

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REQUIRED (d) Prepare the bank account for the year ended 30 April 2017. Clearly show the opening balance Bank account Workings: (e) Calculate the charge for total expenses which appeared in the income statement for the year ended 30 April 2017 The following information has also been provided. at 1 May 2016 at 30 April 2017 2 3 4 5 6 7 Trade receivables 6875 8250 Trade payables 5200 6350 Expenses prepaid 625 775 Expenses owing 350 425 Expenses paid from the bank account amounted to $9925 Rental income received by credit transfer amounted to $15700 Balance per bank statement at 30 April 2017 of $4150 was overdrawn. Unpresented cheques amounted to $850. Uncredited bankings amounted to $1975 There were no cash transactions. All sales and purchases were on a credit basis Additional information Francesco provided the following information for the year ended 30 April 2017. Opening inventory 16 250 Total sales 82 500 Total purchases 62 750 Mark-up is 25% The normal rate of inventory turnover is 5 times. However, it was discovered at the year-end that some inventory had been stolen. No insurance claim has yet been made for this loss

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