- Joined
- Jun 16, 2014
- Messages
- 1
- Reaction score
- 1
Ms Porter’s business position at 1 July was as follows:
£
Stock 5,000
Equipment 3,700
Creditor (OK Ltd) 500
Debtor (AB Ltd) 300
Bank balance 1,200
During July, she:
£
Sold goods for cash – paid to bank 3,200
Sold goods to AB Limited 600
Bought goods from OK Ltd on credit 3,900
Paid OK Ltd by cheque 3,000
Paid general expenses by cheque 500
AB Ltd paid by cheque 300
Stock at 31 July was £6,200
Required:
(a) Open ledger accounts (including capital) at 1 July
(b) Record all transactions
(c) Prepare a trial balance
(d) Prepare a trading and profit and loss account for the period
(e) Prepare a balance sheet at 31 July
£
Stock 5,000
Equipment 3,700
Creditor (OK Ltd) 500
Debtor (AB Ltd) 300
Bank balance 1,200
During July, she:
£
Sold goods for cash – paid to bank 3,200
Sold goods to AB Limited 600
Bought goods from OK Ltd on credit 3,900
Paid OK Ltd by cheque 3,000
Paid general expenses by cheque 500
AB Ltd paid by cheque 300
Stock at 31 July was £6,200
Required:
(a) Open ledger accounts (including capital) at 1 July
(b) Record all transactions
(c) Prepare a trial balance
(d) Prepare a trading and profit and loss account for the period
(e) Prepare a balance sheet at 31 July