This question also relates to extended trial balances. From the following trial balance of John Brown, store
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This question also relates to extended trial balances. From the following trial balance of John Brown, store owner, prepare an income statement for the year ending 31 December 2013, and a statement of financial position as at that date, taking into consideration the adjustments shown below:
(i) Closing inventory at 31 December 2013 £120,000. (ii) Accrued wages £5,000. (iii) Rates prepaid £500. (iv) The allowance for doubtful debts to be increased to 10 per cent of accounts receivable. (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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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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