Jay Shah has the following balances as at 31 December in his accounts. Required: (i) Jay Shahs
Question:
Jay Shah has the following balances as at 31 December in his accounts.
Required:
(i) Jay Shah’s trial balance as at 31 December.
(ii) An indication of which balances are assets, liabilities, equity, income or expenses.
Transcribed Image Text:
Equity 45,300 Purchases returns 500 Motor car 3,000 Bank 3,600 Building 70,000 Electricity 1,400 Office furniture 400 Business rates 1,800 A. Smith (trade receivable) 250 Rent 1,600 J. Andrews (trade payable) 350 Wages 3,500 T. Williams (trade payable) 550 Long-term loan 9,000 G. Woolley (trade receivable) 150 Revenue 100,000 Purchases 70,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Your company uses Azure Virtual Desktop ( AVD ) . You have a host pool named HostPool 1 that contains 2 5 pooled session hosts. You plan to use the Microsoft 3 6 5 Defender portal to monitor and...
-
7) The second financial statement to prepare is the statement of retained eamings. To determine the ending balance of retained earnings you need to start with the opening balance as reported in the...
-
2022 Full Year Results Strong sales growth and continued progress against strategy Underlying performance GAAP measures (unaudited) 2022 vs 2021 2022 vs 2021 Full Year Underlying sales growth (USG)...
-
Consider an extendable hash structure where buckets can hold 3 search key values. The entries with the key values listed below are inserted in the following order: 57, 28, 26, 98, 38, 79, 7, 109, 30...
-
Compare the ATP yield for the complete oxidation of glutamate and methionine, both of which contain five carbons atoms, to CO2.
-
In June 2014, the Gallup organization surveyed 1134 American adults and found that 298 had confidence in public schools. In June 2013, the Gallup organization had surveyed 1134 American adults and...
-
Postponing the project means that cash flows come later rather than sooner; however, waiting may allow you to take advantage of changing conditions. It might make sense, however, to proceed today if...
-
When Pill Ltd. acquired 85% of Sill Corporation on January 1, Year 1, for $238,000, the imputed acquisition differential of $60,000 was allocated entirely to goodwill . On December 31, Year 1, a...
-
write a short discussion on the characteristics of Sine and Cosine functions. (must be in more than one paragraph at least 50 words minimum and in your own words and not copying from a website or...
-
Mary Symonds, a management consultant has the following balances from the accounts on 30 September. Required: Mary Symonds trial balance as at 30 September. Office 80,000 Equity 28,150 Long-term loan...
-
R. Poon was having a whale of a time trying to get a trial balance for his company Redwar. He had the following transactions during the month of May. He asks you to prepare the book entries and a...
-
Refer to the Mining Engineering (Oct. 2004) study of a new technology for producing high quality iron nuggets, Exercise 16.2. The data on percent carbon change in produced nuggets for 33 time...
-
Based on the historical movement ofAUD/EUR exchange rate, predict what the rate will be on 31 December. a) Discuss the effect of Interest Rate Parity on AUD/EUR exchange rate on 31 December 2021
-
The population of Cary in 1980 was 21763. In 1987, the population had grown to 39387. Using the uninhibited growth model, predict the population of Cary for the year 2005.
-
Can you elaborate on the SWIFT message format and the structured data elements used within various SWIFT message categories (e.g., MT103 for payments, MT202 for funds transfer), and how these...
-
In backflush costing, if the conversion cost in the Raw and In Process was P500 on July 1 and P1,000 on July 31, the account to be credited at the end of July for the P500 increase would.
-
Suppose a NTT company bond, maturing in one year, can be purchased today for $975. Assuming the bond is held to maturity, the investor will receive $1000 (principal) plus 7% interest (that is .07 x...
-
In a volcanic eruption, 4 km 3 of mountain with a density of 1600 kg/m 3 was lifted an average height of 500 m. (a) How much energy in joules was released in this eruption? (b) The energy released by...
-
Gordon and Lisa estimate that they will need $1,875,000 in 40 years for their retirement years. If they can earn 8 percent annually on their funds, how much do they need to save annually?
-
Market research conducted by Kauai Ltd revealed great potential for a new energy drink. To produce the product would require R 1 1 0 0 0 0 0 in new equipment. The equipment is expected to have a...
-
Penelope was recruited to serve as the Chief Human Resources Officer (CHRO) of Epsilon Corporation, a privately-held company in the automotive industry, effective June 1, 2022. Throughout the fiscal...
-
Calculate Return on Equity (ROE): Requirements: Using the following figures: Net Income: $110,000 Average Equity: $700,000 Compute the return on equity (ROE). Express ROE as a percentage. Provide the...
Study smarter with the SolutionInn App