Q15.1 The following trial balance was extracted from the books of Paula Jones, a retail grocer,...

 

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Q15.1 The following trial balance was extracted from the books of Paula Jones, a retail grocer, at the end of her financial year 31 March 20-0. Capital Debtors Creditors Drawings Cash in hand Bank Sales Purchases Opening stock Sales returns Carriage inwards Discount received Discount allowed Premises Fixtures and fittings (at cost) Provision for depreciation on fixtures Rates Insurance Wages and salaries Trial balance as at 31 March 20-0 Dr £ 2. 3. 4. 6,000 38,000 100 96,000 6,400 1,000 400 380 187,000 20,000 4,400 1,200 22,000 382,880 In preparing the year-end accounts, the following should be accounted for: 1. The closing stock was valued at £6,800 Cr £ 200,000 You are required to: (a) prepare Paula's trading account for the year ended 31 March 20-0 (b) prepare Paula's profit and loss account for the year (c) draft Paula's balance sheet as at 31 March 20-0 4,000 4,630 168,000 250 6,000 Wages and salaries due but not paid amount to £1,000 There is a prepayment on rates amounting to £600 A debt amounting to £120 is considered irrecoverable 5. Depreciation on fixtures is to be provided at the rate of 10% per annum on cost 382,880 Q15.1 The following trial balance was extracted from the books of Paula Jones, a retail grocer, at the end of her financial year 31 March 20-0. Capital Debtors Creditors Drawings Cash in hand Bank Sales Purchases Opening stock Sales returns Carriage inwards Discount received Discount allowed Premises Fixtures and fittings (at cost) Provision for depreciation on fixtures Rates Insurance Wages and salaries Trial balance as at 31 March 20-0 Dr £ 2. 3. 4. 6,000 38,000 100 96,000 6,400 1,000 400 380 187,000 20,000 4,400 1,200 22,000 382,880 In preparing the year-end accounts, the following should be accounted for: 1. The closing stock was valued at £6,800 Cr £ 200,000 You are required to: (a) prepare Paula's trading account for the year ended 31 March 20-0 (b) prepare Paula's profit and loss account for the year (c) draft Paula's balance sheet as at 31 March 20-0 4,000 4,630 168,000 250 6,000 Wages and salaries due but not paid amount to £1,000 There is a prepayment on rates amounting to £600 A debt amounting to £120 is considered irrecoverable 5. Depreciation on fixtures is to be provided at the rate of 10% per annum on cost 382,880

Answer rating: 100% (QA)

b Paulas Trading and profit loss account for the year ended 31 March 200 Sales 168000 Less Sales returns 1000 167000 Less Cost of goods sold Opening S... View the full answer