LF You are provided with the trial balance of BAT enterprises as on 31-12-2022 Dr CR...

 

Transcribed Image Text:

LF You are provided with the trial balance of BAT enterprises as on 31-12-2022 Dr CR Required: 1 Sales 2 Returns inwards 3 Purchases I 4 Wages and Salaries E 5 Repairs and Maintenance E 6 Inventory as on 1-Jan-2021 7 Heating and Lighting 8 General Expenses 9 Internet Expenses 10 Insurance Expenses 11 12 Advertisement Expenses E E E E Transportation Expenses E E 13 Delivery Bike 14 Accumulated Depreciation of Delivery Bike 15 Cash at bank 16 Cash in Hand 17 Trade receivables 18 Trade Payable 19 Building 20 Accumulated Depreciation on Building 21 Fixture and Fittings 22 Bank Loan 23 Motor Vehicles 24 Capital 25 Interest Received Total Additional Information: The closing inventory as of 31-12-2022 was 50,00 Prepaid insurance amounted to 3,000 The Accrued salaries were 21,000. i) Prepare closing entries (10 marks) ii) P&L Account and Balance Sheet (10 +10 Marks) 52500 350000 178500 45500 112000 31500 42000 35000 28000 105000 350000 175000 745500 77000 143500 1050000 350000 280000 4151000 1477000 119000 700000 100000 1750000 5000 4151000 LF You are provided with the trial balance of BAT enterprises as on 31-12-2022 Dr CR Required: 1 Sales 2 Returns inwards 3 Purchases I 4 Wages and Salaries E 5 Repairs and Maintenance E 6 Inventory as on 1-Jan-2021 7 Heating and Lighting 8 General Expenses 9 Internet Expenses 10 Insurance Expenses 11 12 Advertisement Expenses E E E E Transportation Expenses E E 13 Delivery Bike 14 Accumulated Depreciation of Delivery Bike 15 Cash at bank 16 Cash in Hand 17 Trade receivables 18 Trade Payable 19 Building 20 Accumulated Depreciation on Building 21 Fixture and Fittings 22 Bank Loan 23 Motor Vehicles 24 Capital 25 Interest Received Total Additional Information: The closing inventory as of 31-12-2022 was 50,00 Prepaid insurance amounted to 3,000 The Accrued salaries were 21,000. i) Prepare closing entries (10 marks) ii) P&L Account and Balance Sheet (10 +10 Marks) 52500 350000 178500 45500 112000 31500 42000 35000 28000 105000 350000 175000 745500 77000 143500 1050000 350000 280000 4151000 1477000 119000 700000 100000 1750000 5000 4151000

Answer rating: 100% (QA)

Prepare the closing entries Close the revenue accounts Sales Returns Inwards and Interest Received Debit Sales for 1477000 Credit Returns Inwards for ... View the full answer