From the trial balance below:      
    Identify each item using a letter:      
      "g" if the item is needed for gross profit  
      "e" if the item is an expense    
      "ca" if the item is an current asset    
      "fa" if the item is a fixed asset    
      "cl" if the item is a current liability    
      "fl" if the item is a fixed liability    
      "c" if the item affects capital    
      "r" if the item is a revenue    
      Then complete the income statement.  
    Enter all items in the order given in the trial balance  
             
  Q1)        
    Identify Trial Balance DR CR  
    Bank £7,600    
    Carriage Out £850    
    Premises £250,000    
    Accounts Payable   £7,500  
    Sales   £54,000  
    Carriage In £1,200    
    Capital   £235,550  
    Cash £2,300    
    Commissions Received   £5,000  
    Loan   £15,000  
    Rent Received   £12,000  
    Opening Inventory £3,700    
    Commissions Payable £2,500    
    Drawings £500    
    Machinery £20,000    
    General Expenses £800    
    Electricity £1,200    
    Purchases £24,000    
    Salaries £4,000    
    Accounts Receivable £8,500    
    Returns £1,300 £2,400  
    Vehicle Expenses £3,000    
         
             
      Closing Inventory 5400    
             
      Income Statement £ £  
         
         
           
      Less Cost of Goods Sold      
         
         
         
         
         
           
      Gross Profit    
      Add Revenues      
         
         
           
      Less Expenses      
         
         
         
         
         
         
           
      Net Profit    
             
             
    From the trial balance below:      
    Identify each item using a letter:      
      "g" if the item is needed for gross profit  
      "e" if the item is an expense    
      "ca" if the item is an current asset    
      "fa" if the item is a fixed asset    
      "cl" if the item is a current liability    
      "fl" if the item is a fixed liability    
      "c" if the item affects capital    
      "r" if the item is a revenue    
    Then complete the income statement.    
    Enter all items in the order given in the trial balance  
             
  Q2)        
    Identify Trial Balance DR CR  
    Premises £700,000    
    Carriage Out £3,500    
    Carriage In £5,000    
    Cash £4,000    
    Loan   £300,000  
    Sales   £560,700  
    Rent   £58,000  
    Commissions Payable £12,400    
    Drawings £4,500    
    General Expenses £9,500    
    Purchases £130,000    
    Accounts Receivable £45,600    
    Returns £2,100 £3,400  
    Capital   £200,100  
    Vehicle Expenses £12,500    
    Commissions   £70,000  
    Salaries £90,000    
    Electricity £5,000    
    Bank £60,000    
    Machinery £120,000    
    Accounts Payable   £17,500  
    Opening Inventory £5,600    
         
             
      Closing Inventory 8500    
             
      Income Statement £ £  
         
         
           
      Less Cost of Goods Sold      
         
         
         
         
         
           
      Gross Profit    
      Add Revenues      
         
         
           
      Less Expenses      
         
         
         
         
         
         
           
      Net Profit    
             
             
    From the trial balance below:      
    Identify each item using a letter:      
      "g" if the item is needed for gross profit  
      "e" if the item is an expense    
      "ca" if the item is an current asset    
      "fa" if the item is a fixed asset    
      "cl" if the item is a current liability    
      "fl" if the item is a fixed liability    
      "c" if the item affects capital    
      "r" if the item is a revenue    
    Then complete the income statement.    
    Enter all items in the order given in the trial balance  
             
  Q3)        
    Identify Trial Balance DR CR  
    Carriage In £700    
    Accounts Payable   £12,400  
    Cash £4,000    
    Sales   £120,000  
    Purchases £35,000    
    Commissions Received   £15,000  
    Opening Inventory £6,000    
    Drawings £2,300    
    General Expenses £7,500    
    Premises £350,000    
    Salaries £30,000    
    Carriage Out £3,000    
    Accounts Receivable £8,500    
    Returns £1,200 £2,300  
    Vehicle Expenses £5,000    
    Rent Received   £25,000  
    Electricity £6,000    
    Commissions Payable £2,300    
    Machinery £50,000    
    Capital   339800  
    Loan   £12,000  
    Bank £15,000    
         
             
      Closing Inventory 6500    
             
      Income Statement £ £  
         
         
           
           
         
         
         
         
         
           
         
           
         
         
           
           
         
         
         
         
         
         
           
         
             
             
    From the trial balance below:      
    Identify each item using a letter:      
      "g" if the item is needed for gross profit  
      "e" if the item is an expense    
      "ca" if the item is an current asset    
      "fa" if the item is a fixed asset    
      "cl" if the item is a current liability    
      "fl" if the item is a fixed liability    
      "c" if the item affects capital    
      "r" if the item is a revenue    
    Then complete the income statement.    
    Enter all items in the order given in the trial balance  
             
  Q4)        
    Identify Trial Balance DR CR  
    Premises £470,000    
    Machinery £90,000    
    Sales   £645,000  
    Carriage Out £2,000    
    Purchases £54,000    
    Capital   £200,000  
    Cash £12,500    
    Commissions Received   £80,000  
    Rent Received   £54,000  
    Commissions Payable £32,000    
    Carriage In £3,400    
    Drawings £5,000    
    Bank £120,000    
    Electricity £9,500    
    Accounts Receivable £24,500    
    Salaries £200,000    
    Opening Inventory £12,000    
    Loan   £50,000  
    Business Rates £2,400    
    Vehicle Expenses £9,400    
    Accounts Payable   £14,500  
    Returns £1,300 £4,500  
         
             
      Closing Inventory 9600    
             
      Income Statement £ £