At 31 December Year 3, T Smith had accounts balances as below: Debtors Creditors Office expenses...

  

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At 31 December Year 3, T Smith had accounts balances as below: Debtors Creditors Office expenses Rent payable Drawings Cash at bank Cash in hand Furniture and fittings Motor vehicles Capital Required £2,280 £2,170 £1,290 £1,500 £860 £4,300 £570 £20,310 £20,500 £46,840 1. Draw up profit and loss account in case Gross profit is £4,100 (30pts) 2. Draw up a complete balance sheet for T Smith at 31 December Year 3 in case Closing stock is at £1,500 (20pts) At 31 December Year 3, T Smith had accounts balances as below: Debtors Creditors Office expenses Rent payable Drawings Cash at bank Cash in hand Furniture and fittings Motor vehicles Capital Required £2,280 £2,170 £1,290 £1,500 £860 £4,300 £570 £20,310 £20,500 £46,840 1. Draw up profit and loss account in case Gross profit is £4,100 (30pts) 2. Draw up a complete balance sheet for T Smith at 31 December Year 3 in case Closing stock is at £1,500 (20pts)

Answer rating: 100% (QA)

Profit and Loss Account for the year ended 31st December Expenses Office Expense 1290 Ren... View the full answer