The following trial balance was extracted from the books of Rodney, a sole trader as at...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following trial balance was extracted from the books of Rodney, a sole trader as at 31.12.15 Dr Cr 15,550 Capital 1.1.14 Drawings Accounts receivables and accounts payables Sales Purchases Inventory (1.1.14) Rates Heat and light Wages Bank debts Provision for bad debts General expenses Motor expenses Premises at cost Fixtures and fittings Vehicles Provision for depreciation: Premises Bank Loan Total Fixtures and fittings Vehicles Required 4,660 6,530 > Premises -2% on cost 29,760 4,340 800 Fixtures & fittings - 10% on cast Vehicles-20% reducing balance method 2,550 8,250 230 2,340 3,240 30,000 8,000 12,000 820 1) inventory 31.12.2015 £4,870. 2) Light and heat due 31.12.2015 £120, general expenses due £80. 3) Depreciation is to be provided given as helow: 113,670 5,210 71,230 The following matters have not been taken into account in the preparation of the above trial balance: 230 2,400 1,600 5,400 12,000 113,670 Prepare income statement and statement of financial position for the year ended 31st December 2015. The following trial balance was extracted from the books of Rodney, a sole trader as at 31.12.15 Dr Cr 15,550 Capital 1.1.14 Drawings Accounts receivables and accounts payables Sales Purchases Inventory (1.1.14) Rates Heat and light Wages Bank debts Provision for bad debts General expenses Motor expenses Premises at cost Fixtures and fittings Vehicles Provision for depreciation: Premises Bank Loan Total Fixtures and fittings Vehicles Required 4,660 6,530 > Premises -2% on cost 29,760 4,340 800 Fixtures & fittings - 10% on cast Vehicles-20% reducing balance method 2,550 8,250 230 2,340 3,240 30,000 8,000 12,000 820 1) inventory 31.12.2015 £4,870. 2) Light and heat due 31.12.2015 £120, general expenses due £80. 3) Depreciation is to be provided given as helow: 113,670 5,210 71,230 The following matters have not been taken into account in the preparation of the above trial balance: 230 2,400 1,600 5,400 12,000 113,670 Prepare income statement and statement of financial position for the year ended 31st December 2015.
Expert Answer:
Answer rating: 100% (QA)
Capital Drawings Accounts receivables and accounts payables Sales Purchases Inventory 1114 Rates Hea... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
The revenue recognition principle dictates that revenue should be recognized in the accounting records. a. when cash is received. b. when it is earned. c. at the end of the month. d. in the period...
-
It is not important to know when cash is received and when payment is made. Comment.
-
When cash is received from customers in the form of a refundable deposit, the cash account is increased with a corresponding increase in: A) A current liability. B) Revenue. C) Shareholders' equity....
-
Below is the comparative income statement of Variline, Inc. Requirements 1. Prepare a horizontal analysis of the comparative income statement of Variline, Inc. Round percentage changes to the nearest...
-
For the circuit of Figure P2.39, determine the transform of the output voltage V0(s). Assume that the circuit is in steady state when t Figure P2.39 Model of an electronic circuit. IF 2 H Ion 2 4
-
In a separating and throttling calorimeter the total quantity of steam passed was \(40 \mathrm{~kg}\) and \(2.2 \mathrm{~kg}\) of water was collected from the separator. Steam pressure before...
-
Creating a Digital Vision to Transform a Company and Improve the Customer Experience 1.Why is creating a clear vision of how a company will better engage with customers and solve their problems a...
-
1. How effective has Tran been as a project manager? Explain. 2. What problem(s) does Tran face? 3. How would you go about solving them? Why? Tran was taking his dog Callie on her evening walk as the...
-
A flock of geese is attempting to migrate due south, but the wind is blowing from the west at 4.7m/s. a) If the birds can fly at 7.9m/s relative to the air, what direction should they head?
-
Your client mr. Smith has requested a reservation at eleven madison park this evening for a party of 2 at 6pm. Unfortunately, the restaurant is fully committed. As an alternative, which restaurant...
-
Do companies really need mission statements? Why or Why not? Explain its importance.
-
What does mobile add to the promotional mix?
-
If guerrilla marketing is not used to immediately encourage a sale or passively tell a story, what is it used for?
-
What is typically shown/seen on social media sites?
-
Internet marketing, like other vehicles we have looked at, has a diverse array of advertising options. What are some of the most common, and how can they each help to visually and verbally express...
-
What makes guerrilla marketing an active versus passive form of advertising?
-
1. Consider the two-period binomial model with a non-dividend paying stock S, where So = 4, u = 2, d = 0.5, r = 0.25. Your boss has asked you to price an MaxCall (Lookback) option which expires at...
-
Why are warranty liabilities usually recognized on the balance sheet as liabilities even when they are uncertain?
-
This year Cairo Company sold 35,000 units of its only product for $16 per unit. Manufacturing and selling the product required $120,000 of fixed manufacturing costs and $180,000 of fixed selling and...
-
Pebblebrook Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April....
-
If \(x\) and \(y\) are statistically independent, then \(E[x y]=E[x] E[y]\). That is, the expected value of the product \(x y\) is equal to the product of the separate mean values. If \(z=x+y\),...
-
What are the bounds on the correlation coefficient?
-
True or False. The mean square value of \(x(t)\) can be determined as \(E\left[x^{2} ight]=R(0)\).
Study smarter with the SolutionInn App