Standish has been trading for some years. The following trial balance has been extracted from his books
Question:
Standish has been trading for some years. The following trial balance has been extracted from his books of account as at 31 May 2021:
Inventory at 31 May 2021: £12 000.
Required:
Prepare Standish’s statement of profit or loss and statement of retained earnings for the year to 31 May 2021 and a statement of financial position as at that date.
Capital Cash Payables Receivables Drawings Furniture and fittings Heating and lighting Miscellaneous expenses Purchases Sales Inventory (at 1 June 2020) Wages and salaries Dr 42 £ 1 200 6.000 5.500 8 000 1 500 6 700 52 000 7 000 17 800 105 700 Cr £ 22 400 4 300 79 000 105 700
Step by Step Answer:
Statement of Profit or Loss for the Year Ended 31 May 2021 Sales 79000 Cost ...View the full answer
Accounting For Non Accounting Students
ISBN: 9781292286938
10th Edition
Authors: John 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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