1. PREPARE THE TRADING AND PROFIT AND LOSS ACCOUNT

2. THE BALANCE SHEET AS AT DECEMBER 31, 2001

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FRASER'S EDUCATIONAL INSTITUTE Question 8 George Giscombe does NOT maintain a complete set of accounting records. However, he provided you with the following information: 2001 Jan 1 George Giscombe Summarised Bank Account for the year ending Dec. 31, 2001 Bal b/f Receipts from debtors Creditors Prepaid telephone Debtors Insurance owing Stock General expenses owing Motor van at cost $ 20.000 190 000 210 000 Wages and salaries Drawings Electricity Insurance Bank charges Payment to creditors General expenses Telephone Bal c/d Dec. 31, 2000 $ 24 000 1 000 18 000 5.000 16 000 - 1 800 35 000 $ 35 000 4 650 12 000 6 000 900 92 500 15 000 8 000 35 950 210 000 Dece. 31, 2001 S 28 000 1400 21 000 8.000 27 000 3 000 35 000 Provision for Depreciation on motor van is to be based on 10% on the straight line method. FRASER'S EDUCATIONAL INSTITUTE Question 8 George Giscombe does NOT maintain a complete set of accounting records. However, he provided you with the following information: 2001 Jan 1 George Giscombe Summarised Bank Account for the year ending Dec. 31, 2001 Bal b/f Receipts from debtors Creditors Prepaid telephone Debtors Insurance owing Stock General expenses owing Motor van at cost $ 20.000 190 000 210 000 Wages and salaries Drawings Electricity Insurance Bank charges Payment to creditors General expenses Telephone Bal c/d Dec. 31, 2000 $ 24 000 1 000 18 000 5.000 16 000 - 1 800 35 000 $ 35 000 4 650 12 000 6 000 900 92 500 15 000 8 000 35 950 210 000 Dece. 31, 2001 S 28 000 1400 21 000 8.000 27 000 3 000 35 000 Provision for Depreciation on motor van is to be based on 10% on the straight line method.

Answer rating: 100% (QA)

Trading profit and loss account for the year ended 31st December 2001 Opening stock 16000 Add Purcha... View the full answer