Answer in Accounting for Jodi-Ann Hart #177873
Control Accounts and Incomplete Records
Bank
Balance b/d 40,000 Payments to suppliers 492,020
Cash sales 170,000 Cash purchases 32,500
Receipts from debtors 458,560 Rent 57,500
Motor vehicle 300,000 Fixtures 220,000
Bank interest 2,500 Rates 8,500
Commission 73,000 Wages 66,000
Balance c/d 53,960 General office expenses 11,500
Loan 78,000
Drawings 132,000
Total 1,098,020 1,098,020
List of balances:
Details Jan 1 Dec 31
Creditors 83,200 91,030
Debtors 94,500 82,400
Stock 75,500 95,600
Loan 194,000 116,000
Building 340,000 340,000
Motor vehicle 720,000 400,000
Fixtures 0 210,000
Rates prepaid 4,600 7,600
Commission owing 21,500 25,000
Wages owing 14,500 22,000
Additional notes:
Stock taken for personal use $9,500
Bad debt written off $8,500
Discounts allowed $3,400
motor vehicle sale was at net book value
REQUIRED:
the trial balance, statement of profit or loss, and
statement of financial position for New day Traders for the period( include all workings for the statement of affairs and control accounts please
Trial balance
Debits. credits
Bank.144040
Motor vehicle 300000
Building. 340000
Stock 95600
Wages 66,000
Fixtures 210,000
Prepaid 7600
Purchase 32500
Debtors 82400
Commission 25000
Interest 2500
Rates 8500
General expense 11500
Total
Credit
Creditors 91030
Loan 116000
Commission pay. 25000
Wage owing 22000
Drawing 13200
Sales 170000
Owner equity
Profit and loss
Sales. 170,000
Add withdraw 9,500
Less discount. 3,400
Net sales. 176,100
Less cogs
Opening. 75500
Add purchase32500
Less closing 95600
12,400
Gross profit. 163,700
Less expenses
Wages 7500
Rent 8500
Commission 3500
General 11500
Interest 2500
Bad debt 8500. 42000
Profit before tax 121,700
Tax at .3. 36,510
Net income. 85,190
Statement of financial position
Assets.
Building 340,000
Prepaid 7600
Fixtures 210,000
Motor v.400,000
Stock 95,600
Debtors 82400
Bank 144,040
Total
Liability and equity
Wage payable 22,000
Commission pay.25,000
Loan 116,000
Creditors 91,030
Owner equity
Total
