|
|
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
|
|
|
|
|
|
|
Premises
|
£400,000
|
|
|
|
|
|
|
|
Fixtures
|
£35,000
|
|
|
|
|
|
|
|
Purchases and Sales
|
91000
|
£255,000
|
|
|
|
|
|
|
Bank
|
£3,500
|
|
|
|
|
|
|
|
Inventory
|
£19,000
|
|
|
|
|
|
|
|
Cash
|
£800
|
|
|
|
|
|
|
|
Postage
|
£4,070
|
|
|
|
|
|
|
|
Stationary
|
£2,000
|
|
|
|
|
|
|
|
Returns Out
|
|
£2,500
|
|
|
|
|
|
|
Returns In
|
£1,100
|
|
|
|
|
|
|
|
General Expenses
|
£11,250
|
|
|
|
|
|
|
|
Rent
|
£13,000
|
|
|
|
|
|
|
|
Discount Allowed
|
£2,600
|
|
|
|
|
|
|
|
Discount Received
|
|
£1,250
|
|
|
|
|
|
|
Bad Debts
|
£4,200
|
|
|
|
|
|
|
|
Motor Cars
|
£51,000
|
|
|
|
`
|
|
|
|
Loan Interest
|
£13,200
|
|
|
|
|
|
|
|
Fixtures Depreciation
|
|
£16,000
|
|
|
|
|
|
|
Motor Cars Depreciation
|
|
£22,000
|
|
|
|
|
|
|
Capital
|
|
£200,000
|
|
|
|
|
|
|
Salaries
|
£23,000
|
|
|
|
|
|
|
|
Insurance
|
£3,400
|
|
|
|
|
|
|
|
Allowance for doubtful debts
|
|
£450
|
|
|
|
|
|
|
Motor Expenses
|
£8,100
|
|
|
|
|
|
|
|
Accounts Receivable
|
£44,500
|
|
|
|
|
|
|
|
Accounts Payable
|
|
£29,000
|
|
|
|
|
|
|
Commission Received
|
|
£12,000
|
|
|
|
|
|
|
Carriage In
|
£1,550
|
|
|
|
|
|
|
|
Carriage Out
|
£930
|
|
|
|
|
|
|
|
Drawings
|
25000
|
|
|
|
|
|
|
|
8% Bank Loan (repay in 5 years)
|
|
£220,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of Year
Adjustments:
|
|
|
|
|
|
Closing Inventory
|
23000
|
|
|
|
|
|
|
Depreciation
|
Method:
|
|
|
|
|
|
|
25%
|
|
Reducing
Balance
|
|
|
|
|
|
15%
|
|
on cost
|
|
|
|
|
|
|
|
Motor Expenses Owing
|
£250
|
|
|
|
|
|
|
|
Insurance prepaid
|
£450
|
|
|
|
|
|
|
3
|
months loan interest owing, interest rate:
|
8%
|
|
|
|
|
|
|
|
Allowance for doubtful debts rate is set at
|
2%
|
of debtors
|
|
|
|
|
|
|
Rent prepaid
|
£500
|
|
|
|
|
|
|
|
Owner paid for a personal
holiday from General Expenses
|
|
|
|
|
|
|
|
(adjust drawings and general expenses)
|
£2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
£
|
£
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less Expenses (use TB order)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EOYA Expenses (use EOYA order)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|