The following trial balance has been extracted from Jody's books of account as at 30 April 2012:
Question:
The following trial balance has been extracted from Jody's books of account as at 30 April 2012:
Required:
Prepare Jody's trading and profit and loss account for the year to 30 April 2012 and a balance sheet as at thatdate.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Cr £000 30 5000 Capital (as at 1 May 2011) Cash Electricity Maintenance Miscellaneous expenses Purchases Rent and rates Sales Vehicle (at cost) Wages 40 6 85 30 25 115 115
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JODY Tradingandprofitandlossaccountfortheyearto30April2012 000 000 Sales 85 Less Purchases 40 GROSS ...View the full answer
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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