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The following trial balance was extracted from the books of T. Onyancha a sole trader, Additional information: 1. Stock as at 31 December 2003 was valued at...

      

The following trial balance was extracted from the books of T. Onyancha a sole trader,
fig5816520191203.png
fig5916520191205.png

Additional information:
1. Stock as at 31 December 2003 was valued at Sh. 1,760,000
2. Depreciation on fixtures and fittings and the motor vehicle is to be provided at the rate of 5% and
10% per annum on cost respectively.
3. Rates prepaid as at 31 December 2003 amounted to Sh.25,600.
4. Unexpired insurance as at 31 December 2003 is to be made at 2 1/2 of the trade debtors,
Required:
a) Trading and profit and loss account for the year ended 31 December 2003.
b) Balances sheet as at 31 December 2003.

  

Answers


Kavungya
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fig6116520191207.png
Kavungya answered the question on May 16, 2019 at 09:08


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    ii) Net realisable value.
    iii) Present value.

    Date posted: May 16, 2019.  Answers (1)

  • Distinguish between ‘purchased goodwill’ and ‘non-purchased goodwill’(Solved)

    Distinguish between ‘purchased goodwill’ and ‘non-purchased goodwill’

    Date posted: May 16, 2019.  Answers (1)

  • The following balances were extracted from the books of Furahia Enterprises for the month of September 2013: Sh. Debit balance (1 September 2013): Sales ledger 14,280,000 Purchases ledger 1,920,000 Credit...(Solved)

    The following balances were extracted from the books of Furahia Enterprises for the month of
    September 2013:
    Sh.
    Debit balance (1 September 2013): Sales ledger 14,280,000
    Purchases ledger 1,920,000
    Credit balance (1 September 2013): Sales ledger 1,680,000
    Purchases ledger 6,720,000
    Credit notes received from suppliers 1,860,000
    Debt collection expenses 480,000
    Interest charged on customers' overdue accounts 384,000
    Customers dishonoured cheques 1,260,000
    Bad debts written off 720,000
    Receipts from customers 1,280,000
    Interest charged by creditors on overdue accounts^ 588,000
    Payment to creditors 7,680,000
    Contra settlements 390,000
    Credit notes issued to customers 270,000
    Credit sales 17,340,000
    Cash sales 3,240,000
    Cash purchases 2,160,000
    Credit purchases 7,440,000
    Discounts, allowed 1,080,000
    Discounts received 690,000
    Balances as at 30 September 2013:
    Sales ledger (credit) 1,110,000
    Purchases ledger (debit) 1,050,000
    Required;
    i) Sales ledger control account for the month ended 30 September 2013.
    ii) Purchases ledger control account for the month ended 30 September

    Date posted: May 16, 2019.  Answers (1)