The following information was taken from the trial balance of the books of Windhoek Secondary School Mini-Market
Question:
The following information was taken from the trial balance of the books of Windhoek Secondary School Mini-Market on December 31,2018
Cash | 13,000 |
|
Sundry debtors | 10,000 |
|
Bill receivable | 8,500 |
|
Opening stock | 45,000 |
|
Building | 50,000 |
|
Furniture and fittings | 10,000 |
|
Investment (Temporary) | 5,000 |
|
Plant and Machinery | 15,500 |
|
Bills payable |
| 9,000 |
Sundry creditors |
| 20,000 |
Owners’ capital |
| 78,200 |
Owners’ drawings | 1,000 |
|
Sales |
| 100,000 |
Sales discount | 400 |
|
Purchases | 30,000 |
|
Freight in | 1,000 |
|
Purchase discount |
| 500 |
Sales salary expenses | 5,000 |
|
Advertising expenses | 4,000 |
|
Miscellaneous sales expenses | 500 |
|
Office salary expenses | 8,000 |
|
Misc. general expenses | 1,000 |
|
Interest income |
| 1,000 |
Interest expenses | 800 |
|
|
|
|
|
|
|
| 208,700 | 208,700 |
Closing stock on December 31, 19 … was $10,000
Required: Prepare income statement/trading and profit and loss account and balance sheet from the above trial balance in report form.
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach