The following trial balance was extracted from Vumilia traders as 31 st December 2006
Question:
The following trial balance was extracted from Vumilia traders as 31st December 2006
Dr Cr
Capital 125,000
Purchases 45,000
Carriage on sales 2,000
Stock 25,000
Sales 120,000
Carriage on purchases 1,200
Insurance 5,900
Salaries 12,450
Discount allowed/ Discount received 3,400 1,950
Debtors/creditors 25,000 15,500
Bank 14,500
Machinery 128,000
262,450 262,450
Additional information:
-closing stock 25,000
-Outstanding salaries 450
-Insurance 900 has been paid in advance
-Depreciate machinery by 10% on cost
Required: i) trading, profit and loss a/c
ii) Balance sheet
Introduction To Financial Accounting
ISBN: 978-0077138448
7th edition
Authors: Anne Marie Ward, Andrew Thomas