|
c
|
affects capital
|
|
|
|
|
fa
|
fixed asset
|
|
|
|
|
ca
|
current asset
|
|
|
|
|
cl
|
current liability
|
|
|
|
|
fl
|
fixed liability
|
|
|
|
|
e
|
expense
|
|
|
|
|
pe
|
expense with prepaid part
|
|
|
|
|
ae
|
expense with accrued part
|
|
|
|
|
pr
|
revenue with prepaid part
|
|
|
|
|
ar
|
accrued revenue
|
|
|
|
|
g
|
required for gross profit
|
|
|
|
|
d
|
data to be calculated upon.
|
|
|
|
| |
|
|
|
|
|
| |
ID
|
Trial Balance (TB)
|
DR
|
CR
|
|
| |
|
Land and Buildings
|
£135,000
|
|
|
| |
|
Office Equipment
|
£57,000
|
|
|
| |
|
Vehicles
|
£35,000
|
|
|
| |
|
Accumulated depreciation:
|
|
|
|
| |
|
Land and Buildings
|
|
£23,400
|
|
| |
|
Office Equipment
|
|
£27,800
|
|
| |
|
Vehicles
|
|
£7,800
|
|
| |
|
Inventory
|
£25,800
|
|
|
| |
|
Cash
|
£2,100
|
|
|
| |
|
Bank
|
|
£5,350
|
|
| |
|
Purchases and Sales
|
£63,900
|
£184,000
|
|
| |
|
Returns
|
£2,900
|
£3,400
|
|
| |
|
Discounts Allowed
|
£1,890
|
|
|
| |
|
Discounts Received
|
|
£1,560
|
|
| |
|
Capital
|
|
£79,230
|
|
| |
|
Salaries
|
£20,000
|
|
|
| |
|
Insurance
|
£3,000
|
|
|
| |
|
Accounts Receivable
|
£15,800
|
|
|
| |
|
Accounts Payable
|
|
£13,900
|
|
| |
|
Loan (Repay in 5 years)
|
|
£40,000
|
|
| |
|
Drawings
|
£9,800
|
|
|
| |
|
Motor Expenses
|
£12,900
|
|
|
| |
|
Carriage In
|
£1,350
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
End of Year
Adjustments:
|
|
| |
Closing Inventory
|
13700
|
|
|
| |
Allowance for Doubtful
Debts rate
|
4%
|
of debtors
|
|
| |
Depreciation
|
Method:
|
|
|
| |
|
Land and Buildings depreciated over 50 years
|
|
|
|
| |
9%
|
|
straight
line
|
|
| |
12%
|
|
reducing
balance
|
|
| |
|
Insurance Owing is
|
£500
|
|
|
| |
1
|
months salaries owing
|
|
|
|
| |
|
Motor Expenses are prepaid by
|
£300
|
|
|
| |
12%
|
A full years's loan interest to be accrued.
|
(12
% per annum)
|
|
| |
|
|
|
|
|
| |
|
Income Statement
|
£
|
£
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
Less Expenses (use TB order)
|
|
|
|
| |
|
|
|
|
|
| |
|
EOYA Expenses (use EOYA order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
|
Balance Sheet
|
£
|
£
|
£
|
| |
|
Fixed Assets (use TB order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
Current Assets (use TB order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
EOYA (Use EOYA order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
Current Liabilities (use TB order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
EOYA (Use EOYA order)
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
Fixed Liabilities
|
|
|
|
| |
|
|
|
|
|
| |
|
Net Assets
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|