Marion has been in business for some years. The following trial balance has been extracted from her
Question:
Marion has been in business for some years. The following trial balance has been extracted from her books of account as at 28 February 2017:
Required:
Prepare Marion’s statement of profit or loss and statement of retained earnings for the year to 28 February 2017 and a statement of financial position as at that date.
Cash at bank Buildings Capital Cash in hand Payables Receivables Drawings Heat and light Miscellaneous expenses Purchases Sales Wages and salaries Dr £000 4 50 Dr £000 2 30 55 10 25 200 98 474 Cr £000 50 Cr £000 24 400 474
Step by Step Answer:
Marions accounts Marion Statement of profit or loss account for the year to ...View the full answer
Accounting For Non-Accounting Students
ISBN: 9781292128979
9th Edition
Authors: John R. Dyson, Ellie Franklin
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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