A company's initial trial balance as at 31 December 20x5 is as follow: Debit Credit 10,246...

 

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A company's initial trial balance as at 31 December 20x5 is as follow: Debit Credit 10,246 Account Name Cash at bank Opening capital Loan Non- current assets Trade payables Expenses Purchases Sales Trade receivable 40,000 25,570 36,850 7,092 18,316 17,508 Drawings Inventories at 1.1.x5 Closing inventories at 31 December 20x5 cost $27,710 20,000 24,000 13,600 77,490 Requirements: 1, Prepare T- accounts for the following accounts: Purchases, Inventory, Cost of sales. 2. Prepare the final trial balance at 31 December 20x5 A company's initial trial balance as at 31 December 20x5 is as follow: Debit Credit 10,246 Account Name Cash at bank Opening capital Loan Non- current assets Trade payables Expenses Purchases Sales Trade receivable 40,000 25,570 36,850 7,092 18,316 17,508 Drawings Inventories at 1.1.x5 Closing inventories at 31 December 20x5 cost $27,710 20,000 24,000 13,600 77,490 Requirements: 1, Prepare T- accounts for the following accounts: Purchases, Inventory, Cost of sales. 2. Prepare the final trial balance at 31 December 20x5

Answer rating: 100% (QA)

To begin well prepare the Taccounts for Purchases Inventory and Cost of Sales based on the data given We will then use the changes in inventory and pu... View the full answer