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J. Bright drew up the following trial balance as at 30 September 2008.

 

You are to prepare an Income Statement for the year ended 30 September 2008 and a Balance Sheet as at that date.

 

Dr ($) Cr ($)

Loan from P. Parkin 5,000

Capital 25,955

Drawings 8,420

Cash at bank 13,115

Cash at hand 295

Debtors 12,300

Creditors 9,370

Stock 30 September 2007 23,910

Motor Van 6,000

Office Equipment 8,000

Provision for Depreciation: motor van 1,900

Provision for Depreciation: office equipment 1,750

Sales 130,900

Purchases 92,100

Return Inwards 550

Carriage Inwards 215

Return Outwards 307

Carriage Outwards 309

Rent Received 10,000

Motor Expenses 1,630

Rent and rates 2,970

Telephone 405

Salary 12,810

Insurance 492

Office Expenses 1,377

Sundry Expenses 284 _______ 185,182 185,182

 

Notes:

(a) Prepaid expenses: insurance, $105

(b) Expenses owing: rent, $300; telephone $85

(c) The owner estimates that 2% of debtors will be bad and a provision is to be set up for these.

(d) Stock as at 30 September 2008 is valued at $27,475.

(e) Depreciate motor van at 20% reducing balance; office equipment at 10% on cost.

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