The following is the adjusted trial balance of Best Choice Computer, a distributor of PC and computer accessories on 31 December 2016 (the end of its accounting period):

Required

Prepare an Income Statement and a Balance Sheet.

 

Transcribed Image Text:

Best Choice Computer Adjusted trial balance As at 31 December 2016 Debit $ 4,300.00 400.00 73,900.00 53,980.00 53,000.00 35,000.00 916.67 5,618.75 68,336.67 533.33 222.22 800.00 1,333.33 3,200.00 14,000.00 183.33 7,950.00 8,750.00 4,900.00 600.00 3,000.00 340,924.30 ============= Bank Supplies on hand Accounts receivable Inventory (Opening stock) Furniture & Fixtures Delivery van Prepaid insurance Drawings Accumulated depreciation - Furniture & Fixtures Accumulated depreciation - Van Accounts payable PAYE payable GST received Accrued wages Capital Sales Purchases Sales returns Purchase returns Discount expense Electricity expense Motor vehicle expense Rent expense Wages Insurance expense Depreciation expense - Furniture & Fixtures Depreciation expense - Van Telephone expense Accrued telephone expense Office supplies expense Accountants fees Accrued accountants fees Total Additional information: Closing stock as at 31 December 2016 is $65,000.00 Credit $ 15,950.00 26,250.00 62,400.00 2,750.00 4,455.42 2,650.00 127,500.00 94,484.44 1,084.44 400.00 3,000.00 340.924.30 ============= Best Choice Computer Adjusted trial balance As at 31 December 2016 Debit $ 4,300.00 400.00 73,900.00 53,980.00 53,000.00 35,000.00 916.67 5,618.75 68,336.67 533.33 222.22 800.00 1,333.33 3,200.00 14,000.00 183.33 7,950.00 8,750.00 4,900.00 600.00 3,000.00 340,924.30 ============= Bank Supplies on hand Accounts receivable Inventory (Opening stock) Furniture & Fixtures Delivery van Prepaid insurance Drawings Accumulated depreciation - Furniture & Fixtures Accumulated depreciation - Van Accounts payable PAYE payable GST received Accrued wages Capital Sales Purchases Sales returns Purchase returns Discount expense Electricity expense Motor vehicle expense Rent expense Wages Insurance expense Depreciation expense - Furniture & Fixtures Depreciation expense - Van Telephone expense Accrued telephone expense Office supplies expense Accountants fees Accrued accountants fees Total Additional information: Closing stock as at 31 December 2016 is $65,000.00 Credit $ 15,950.00 26,250.00 62,400.00 2,750.00 4,455.42 2,650.00 127,500.00 94,484.44 1,084.44 400.00 3,000.00 340.924.30 =============

Answer rating: 100% (QA)

Particulars Opening Stock Purchases less Purchase Return Wages GROSS PROFIT Insurance Discount expen... View the full answer