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Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure...

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Accounting

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Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal form, Then make working notes, then make adjusted trial balance, then the income statement and balance sheet.

28.11 This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year ended 31 December 20x7, and a balance sheet as at that date, taking into consideration the adjustments shown below: Trial Balance as at 31 December 20x7 Dr f Cr f 400,000 350,000 5,000 6,200 800 Sales Purchases Sales returns Purchases returns Opening stock at 1 January 20x7 Provision for doubtful debts Wages and salaries Rates Telephone Shop fittings at cost Van at cost Debtors and creditors Bad debts Capital Bank balance Drawings 100,000 30,000 6,000 1,000 40,000 30,000 9,800 200 7,000 179,000 3,000 18,000 593,000 593,000 Closing stock at 31 December 20X7 120,000. (ii) Accrued wages 5,000. (iii) Rates prepaid 500. (iv) The provision for doubtful debts to be increased to 10 per cent of debtors. (v) Telephone account outstanding 220. (vi) Depreciate shop fittings at 10 per cent per annum, and van at 20 per cent per annum, on cost

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