FREE Trial

Complete question 7.1 by drawing up a balance sheet as at 31 December 20X6. Data from Question 7.1 From the

Question:

Complete question 7.1 by drawing up a balance sheet as at 31 December 20X6.


Data from Question 7.1

From the following trial balance of A Moore, extracted after one year’s trading, prepare a trading and profit and loss account for the year ended 31 December 20X6. A balance sheet is not required.

Stock at 31 December 20X6 was £12,408.

Transcribed Image Text:

Sales Purchases Salaries Motor expenses Rent Insurance General expenses Premises Motor vehicles Debtors Creditors Cash at bank Cash in hand Drawings Capital Trial Balance as at 31 December 20X6 Dr £ 119,832 56,527 2,416 1,894 372 85 95,420 16,594 26,740 16,519 342 8,425 345,166 Cr £ 190,576 16,524 138,066 345,166

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!

Step by Step Answer:

Answer rating: 66% (3 reviews)

Balance Sheet as at 31 December 20X6 Assets Premises 95 420 Moto…View the full answer


answer-question
Answered By
tutor-profile-image
Abdul Wahab Qaiser
Before working at Mariakani, I volunteered at a local community center, where I tutored students from diverse backgrounds. I helped them improve their academic performance and develop self-esteem and confidence. I used creative teaching methods, such as role-playing and group discussions, to make the learning experience more engaging and enjoyable. In addition, I have conducted workshops and training sessions for educators and mental health professionals on various topics related to counseling and psychology. I have presented research papers at conferences and published articles in academic journals. Overall, I am passionate about sharing my knowledge and helping others achieve their goals. I believe that tutoring is an excellent way to make a positive impact on people's lives, and I am committed to providing high-quality, personalized instruction to my students.
0.00 0 Reviews 10+ Question Solved
Related Book For  answer-question
Frank Woods Business Accounting Volume 1

Frank Woods Business Accounting Volume 1

ISBN: 9780273681496

10th Edition

Authors: Frank Wood, Alan Sangster

See More Books
Question Details
Chapter # 8
Section: Review Questions
Problem: 1
View Solution
Create a free account to access the answer
Cannot find your solution?
Post a FREE question now and get an answer within minutes. * Average response time.
Question Posted: August 19, 2023 06:10:32
See More Questions

Students also viewed these Business questions

Q:
Complete question 7.3A by drawing up a balance sheet as at 31 December 20X8. Data from Question 7.3A From the following trial balance of B Morse drawn up on conclusion of his first year in business,...
A:
Balance Sheet as at 31 December 20X8 Assets Liabil......
Q:
Complete question 7.2 by drawing up a balance sheet as at 30 June 20X8. Data from Question 7.2 From the following trial balance of B Lane after his first years trading, you are required to draw up a...
A:
Balance Sheet as at 30 June 20X8 Assets Amount in Liabilities Amount in Current asset......
Q:
Complete question 7.4A by drawing up a balance sheet as at 30 June 20X8. Data from Question 7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial...
A:
Balance Sheet As of 30 June 20X8 Assets Liabilities Equipment rental 940 Creditors 23 408 Insu......
Q:
The lengths of the three sides of a triangle (in feet )are consecutive even integers. If the perimeter is 96 feet, find the value of the shortest of the three side lengths.
A:
answer 30 32 34 Solution het three Cons......
Q:
Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2011. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan...
A:
STANLEY MORGAN INDUSTRIES Expected plan asset earnings 10 rate of return Recommended discount rate 6......
Q:
Dorina Company makes cases of canned dog food in batches of 1,000 cases and sells each case for $15. The plant capacity is 50,000 cases; the company currently makes 40,000 cases. DoggieMart has...
A:
Differential revenue Unit level costs Batch level c......
Q:
Suppose 20.0 g of NaBr(s) is added to 50.0 mL of a 2.00 M silver nitrate solution. (a) Write a net ionic equation for the formation of the expected precipitate. (b) What is the theoretical yield of...
A:
a Ag aq Br aq AgBr s This equation represents the formation of the silver bromide precipitate b Mole......
Q:
Rachel lives in a downtown apartment in Gotham City. She has 3 years remaining on her apartment lease when her landlord, Blaylock Company, approaches her about moving out. Blaylock wants to demolish...
A:
The facts in the above case are similar to George and Myrsini Stotis v Comm TCM 1996 431 September 2......
Q:
One study that found a relationship between and ethical decision making concluded that those people who believed that their fate is in the hands of others were more ethical than those who believed...
A:
The detailed answer for the above question is provided below A Locus of control This stateme......
Q:
G. Hope started in business on 1 July 20X0, with 40,000 capital in cash. During the first year he kept very few records of his transactions. The assets and liabilities of the business at 30 June 20X1...
A:
Balance Sheet as at 30 June 20X1 Liabilities Assets Capital Freehold Premises G Hope s Capi......
Q:
Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The trial balance as at 30 June 20X8 after his first year of trading was as follows: Stock at 30 June 20X8...
A:
Trading and Profit Loss Account For the Year Ended 30 June 20X8 G Graham Particulars Gross Profit Sa......
Q:
Why might a newly formed organization be considered successful even if it is losing money?
A:
Because surviva......
Q:
What important properties do the following characteristics impart to a polymer? (a) Cross-linking in polyethylene (b) The OH groups in polyvinyl alcohol (c) Hydrogen bonding in a polyamide like nylon
A:
a Cross linking in polyethylene Cross linking in polyethylene imparts several important properties to the polymer Improved mechanical strength Cross linking strengthens the polymer by forming covalent......
Q:
What are the units associated with each of the following: (a) Curie (b) Rad
A:
a Curie Ci is a unit of radioactivity It measures the amount of......
Q:
The interaction of radiation with matter has both positive and negative consequences. Discuss briefly the hazards of radiation and the way that radiation can be used in medicine.
A:
Radiation has both positive and negative consequences in its interaction with matter Here s a brief overview of the hazards of radiation and how it is......
Q:
What structure do all steroids have in common?
A:
All steroids have a common structural feature known as a four ring hydrocarbon structure This struct......
Q:
Which of the following statements is/are true? (a) Breaking the PO bond in ATP is an exothermic process. (b) Making a new bond between the phosphorus atom in the phosphate group being cleaved off ATP...
A:
Let s analyze each statement a Breaking the PO bond in ATP is an exothermic process This statement i......
Q:
A building was purchased for $100,000 on January 1, 2006. It was estimated to have no salvage value and to have an estimated useful life of 20 years. On January 1, 2011, the estimated useful life was...
A:
Original depreciation 100 000 20 years 5 000 per year A......
Q:
Diamond Walker sells homemade knit scarves for $25 each at local craft shows. Her contribution margin ratio is 60%. Currently, the craft show entrance fees cost Diamond $1,500 per year. The craft...
A:
Find the number of scarves needed to break even on or pay for the extra entra......
Q:
The following figures for the year to 30 April 2016 have been extracted from the books and records of three companies which form a group: Profits are deemed to accrue evenly throughout the year....
A:
To prepare a consolidated statement of profit or loss for Old plc and its subsidiaries for the year ending 30 April 2016 we ll consolidate the financi......
Q:
Why was the 2 unrealised profit in the inventory held by S Ltd added to the consolidated figure for cost of sales in Working 2?
A:
It was added because it was deducted from the purchases of......
Q:
The following information relates to the Brodick group of companies for the year to 30 April 2017: Additional information: (a) The issued share capital of the group was as follows: Brodick plc:...
A:
To prepare the consolidated statement of profit or loss for the Brodick group of companies for the y......
Essentials Of Business Economics 1st Edition - ISBN: 8125924000 - Free Book