The trial balance of Jess Private, a sole trader, for the financial year ended 30 September...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The trial balance of Jess Private, a sole trader, for the financial year ended 30 September 2022 is provided below: Jess Private's Trial Balance on the year ended 30 September 2022 Dr (E) Cr (£) Inventory / Stock at 1 October 2021 Carriage Inwards Purchases Salaries and Wages 1,000 3,500 460,000 25,000 Insurance Software subscription Lighting and Heating General expenses Buildings Irrecoverable debts Plant and Equipment Bank Trade receivables Accumulated depreciation of buildings at 1 October 2021 Accumulated depreciation of plant and equipment at 1 October 2021 Returns Outwards / Purchases Returns Sales Trade payables Bank five-year loan Capital 7,600 2,400 9,000 2,000 180,000 2,000 58,500 310,000 29,000 50,000 20,500 2,000 650,000 117,500 100,000 150,000 1,090,000 1,090,000 The following information is relevant and relates to the financial year: 1. Inventory on 30 September 2022 was valued at £1,500. 2. Jess Private wishes to create the allowance for receivables to 5% for the year ended 30 September 2022. 3. Depreciation is to be charged at the rate of 5% for buildings using the straight-line method. 4. Depreciation is to be charged at the rate of 10% for plant and equipment using the reducing balance method. 5. Software subscription in the trial balance relates to the period 1 January 2022 to 31 December 2022. 6. The goods with value of £2000 was taken by Jess Private for personal use. This has not yet been accounted for in the accounts. REQUIRED: Prepare Jess Private's Statement of Profit or Loss for the year ended 30 September 2022. (30 marks) Prepare Jess Private's Statement of Financial Position as at 30 September 2022 (30 marks) The trial balance of Jess Private, a sole trader, for the financial year ended 30 September 2022 is provided below: Jess Private's Trial Balance on the year ended 30 September 2022 Dr (E) Cr (£) Inventory / Stock at 1 October 2021 Carriage Inwards Purchases Salaries and Wages 1,000 3,500 460,000 25,000 Insurance Software subscription Lighting and Heating General expenses Buildings Irrecoverable debts Plant and Equipment Bank Trade receivables Accumulated depreciation of buildings at 1 October 2021 Accumulated depreciation of plant and equipment at 1 October 2021 Returns Outwards / Purchases Returns Sales Trade payables Bank five-year loan Capital 7,600 2,400 9,000 2,000 180,000 2,000 58,500 310,000 29,000 50,000 20,500 2,000 650,000 117,500 100,000 150,000 1,090,000 1,090,000 The following information is relevant and relates to the financial year: 1. Inventory on 30 September 2022 was valued at £1,500. 2. Jess Private wishes to create the allowance for receivables to 5% for the year ended 30 September 2022. 3. Depreciation is to be charged at the rate of 5% for buildings using the straight-line method. 4. Depreciation is to be charged at the rate of 10% for plant and equipment using the reducing balance method. 5. Software subscription in the trial balance relates to the period 1 January 2022 to 31 December 2022. 6. The goods with value of £2000 was taken by Jess Private for personal use. This has not yet been accounted for in the accounts. REQUIRED: Prepare Jess Private's Statement of Profit or Loss for the year ended 30 September 2022. (30 marks) Prepare Jess Private's Statement of Financial Position as at 30 September 2022 (30 marks)
Expert Answer:
Answer rating: 100% (QA)
In the books of Gess Peivales s CAmont inf Statement o... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0132497978
3rd Edition
Authors: Horngren, Harrison, Oliver
Posted Date:
Students also viewed these accounting questions
-
At the end of its first year of operations, the trial balance of Alonzo Company shows Equipment $30,000 and zero balances in Accumulated DepreciationEquipment and Depreciation Expense. Depreciation...
-
Following is the trial balance of Rashid Products Company, Inc., as of December 31 of this year. You are given the following information for the adjustments: a. f. Year- end inventories: raw...
-
Following is the trial balance of Stopa Manufacturing Corporation as of December 31 of this year. You are given the following information for the adjustments: a. f. Year- end inventories: raw...
-
On April 1, 2014, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjusting entries only once a year, on...
-
Dove Company manufactures one model of birdbath, which is very popular. Morning Dove sells all units it produces each month. The relevant range is 01,500 units, and monthly production costs for the...
-
Which of the following alternatives would NOT be appropriate? A. NO CHANGE B. Dispensed C. Dispensing D. Dispense
-
A student advisory board consists of 17 members. Three members will be chosen to serve as the boards chair, secretary, and webmaster. Each member is equally likely to serve in any of the positions....
-
Explain how the following factors affect the dollars exchange rate under a system of market-determined exchange rates: (a) A rise in the U.S. price level, with the foreign price level held constant;...
-
Henkes Corporation bases its predetermined overhead rate on the estimated labor-hours for the upcoming year. At the beginning of the most recently completed year, the company estimated the...
-
Brian and Corrine Lee are married taxpayers filing jointly. They live in the home they own, located at 3301 Pacific Coast Hwy., Laguna Beach, CA 92651. Brian is an optometrist who owns his business;...
-
Sakura Co. was established on January 1, 2011. On January 1, 2011, Sakura issued 100,000 common shares for $500,000. The par value of each share is $1. On July 15, Sakura purchased back 2,000 of its...
-
What are the main factors to be taken into account when assessing damages for wrongful dismissal?
-
Why are there restrictions against a corporation returning capital to its shareholders?
-
What is the role of a corporations auditor? To whom is the auditors duty owed?
-
On what grounds is a business justified in dismissing its employees without notice?
-
In what circumstances should a business owner require a confidentiality agreement?
-
A client wants to know more about Wilson Security's services that can help them with their current security concerns. You relay the information to your Regional Manager so they can help you with the...
-
Evaluate each logarithm to four decimal places. log 0.257
-
To prepare the statement of cash flows, accountants for E-Mobile, Inc., have summarized 2012 activity in the Cash account as follows: Requirement 1. Prepare E-Mobiles statement of cash flows for the...
-
Use the NPV method to determine whether Kyler Products should invest in the following projects: Project A: Costs $260,000 and offers seven annual net cash inflows of $57,000. Kyler Products requires...
-
Carol Carpet manufactures broadloom carpet in seven processes: spinning, dyeing, plying, spooling, tufting, latexing, and shearing. In the Dyeing Department, direct materials (dye) are added at the...
-
\(X\) is the number of bits in error in the next four bits transmitted. What is the expected value of the square of the number of bits in error? Now, \(h(X)=X^{2}\). Therefore, \[ \begin{aligned}...
-
Data 2.7 on page 95 introduces the dataset HollywoodMovies, which contains information on more than 900 movies that came out of Hollywood between 2007 and 2013. One of the variables is the budget (in...
-
Correlation between height and weight for players on the 2014 Brazil World Cup Team, using data from all 23 players on the roster. State whether the quantity described is a parameter or a statistic...
Study smarter with the SolutionInn App