RazzleDazzle Traders has provided the following details for the year ended March 31, 2021: Bank AC Cash
Question:
RazzleDazzle Traders has provided the following details for the year ended March 31, 2021:
Bank AC
Cash sales 297,500, Balance b/d 93,000, Receipts from debtors 270,500, Drawings 74,500, Fixtures 396,500, Payments to suppliers 126,800, Bank interest 13,300, Equipment 436,500, Commission 90,200, Rent 20,000, Rates 11,700, Wages 85,000, Cash purchases 66,300, Utilities 9,000, Loan 101,000, Balance c/d 44,200, Total 1,068,000 ...1,068,000.
List of balances:
Details Apr 1 Mar 31
Creditors 66,400 89,500
Debtors 101,200 74,300
Stock 55,000 62,500
Loan 206,000 105,000
Land 780,000 780,000
Fixtures 620,000 211,000
Equipment 0 412,000
Rates owing 7,200 6,600
Commission prepaid 19,500 22,300
Wages prepaid 17,400 18,200
Additional notes:
Stock taken for personal use amounted to $11,300
Amounts written off as bad debts totaled $9,200
Discounts received from credit suppliers amounted to $10,400
The sale of fixtures was at net book value
REQUIRED: Derive the trial balance, statement of profit or loss, and statement of financial position for RazzleDazzle Traders for the period. Your submission MUST include all workings, such as the statement of affairs and control accounts.
Financial Accounting an introduction to concepts, methods and uses
ISBN: 978-0324789003
13th Edition
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis