Vincent owns a printer shop, Heartbreaker Ltd . For the month of November 2 0 2 3
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Question:
Vincent owns a printer shop, Heartbreaker Ltd For the month of November the transactions were as follows:
November
Commenced business with RM in the bank.
Purchased goods on credit from the following: Alvin RM Bachan RM and Sunita RM
Purchased furniture from Jati World RM on credit.
Sold goods on credit to: Jason RM Devi RM Yoon RM
Cash sales RM
Bought goods for cash RM
Returned goods to Bachan RM
Paid Jati World RM by cheque.
Bought goods on credit from: Alvin RM and Sunita RM
Paid Alvin by cheque RM
Sold goods on credit to: Devi RM and Yoon RM
Yoon settled his debt RM by cheque.
Goods returned to Sunita RM
William lent the business RM by cash.
Purchased a furniture paying by cheque RM
Paid wages by cheque RM
Paid electricity bill by cash RM
Paid wages by cheques RM
Required:
c Balanceoff all the accounts.
d Extract a trial balance.
FINAL ACCOUNTS
The following Trial Balance was extracted from the books of Aries Technology at December :
Dr RM Cr RM
Capital
Carriage inwards
Carriage outwards
Purchases and sales
Office equipment
Motor vehicle
Wages and salaries
Lighting and heating
Rent and rates
Vehicle running costs
Telephone expenses
General office expenses
Trade receivable
Trade payable
Provision for depreciation
Motor vehicle
Office equipment
Drawings
Bank
Cash
Inventory January
Returns Inwards and Outwards
Closing inventory on December was RM
Required:
e Prepare an Income Statement and Balance Sheet for the year ended December
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
3rd edition
Authors: David Haddock, John Price, Michael Farina
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