Prepare Trina Haldane's Statement of Profit or Loss for the period ended 31 December 2014 Trina Haldane's
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Prepare Trina Haldane's Statement of Profit or Loss for the period ended 31 December 2014
Trina Haldane's unadjusted Trial Balance as at 31 December 2014 | ||
Particulars | Dr | Cr |
Capital | 200,000 | |
Drawings | 12,000 | |
Bank balance | 5,500 | |
Cash in hand | 7,000 | |
Accounts receivables | 40,000 | |
Accounts payable | 55,000 | |
Inventory: Opening | 18,000 | |
Premises | 150,000 | |
Motor Vehicle | 90,000 | |
Fixtures and Fittings | 65,000 | |
Sales | 255,600 | |
Purchases | 130,000 | |
Returns inwards | 7,500 | |
Carriage outwards | 4,500 | |
Carriage inwards | 6,500 |
Returns outwards | 11,500 | |
Motor expenses | 10,400 | |
Rent Received | 20,000 | |
Telephone charges | 12,000 | |
Wages and salaries | 34,000 | |
Insurance | 10,600 | |
Commission Received | 14,800 | |
Bad Debt | 2,500 | |
Provision for depreciation: Motor Vehicle | 20,000 | |
Provision for depreciation: Fixtures and Fittings | 25,000 | |
Provision for doubtful debt | 3,600 | |
Total | 605,500 | 605,500 |
Additional information
Closing Inventory $25,000
Wages and Salaries prepaid $2,500
Commission Received owing $2,000
Trina Haldane took $6,000 worth of goods for her personal use.
Trina Haldane's insurance premium incurred is $1,000 per month commencing 1st March 2014.
Provision for doubtful debt is to be adjusted to 5% of Accounts Receivable
Depreciation is to be charged on Fixtures and Fittings at 10% using the Reducing Balance Method and on Motor Vehicle at 10% using the Straight Line Method
Related Book For
Financial Accounting and Reporting
ISBN: 978-1292162409
18th edition
Authors: Barry Elliott, Jamie Elliott
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