4.) Mr. Ali has been in business for some years. The following trial balance has been extracted from his books of account as at 31 January 2022: Transaction Details Dr Cr (Omr) (Omr) 3,000 25,000 Bank Buildings Capital Cash 35,000 35 00D 1,000 Creditors 18,000 45,000 50,000 (1000 12,000 35,000 250,000 Debtors Drawings Heat and light Miscellaneous expenses Purchases Sales Sales return Wages and salaries 393,000 20,000 45,000 466,000 466,000 a.) Prepare Mr. Ali's trading and profit and loss account for the year to 31 January 2022 and a balance sheet as at that date.

4.) Mr. Ali has been in business for some years. The following trial balance has been extracted from his books of account as at 31 January 2022: Transaction Details Dr Cr (Omr) (Omr) 3,000 25,000 Bank Buildings Capital Cash 35,000 35 00D 1,000 Creditors 18,000 45,000 50,000 (1000 12,000 35,000 250,000 Debtors Drawings Heat and light Miscellaneous expenses Purchases Sales Sales return Wages and salaries 393,000 20,000 45,000 466,000 466,000 a.) Prepare Mr. Ali's trading and profit and loss account for the year to 31 January 2022 and a balance sheet as at that date.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter4: Completing The Accounting Cycle

Section: Chapter Questions

Problem 5CP

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Boy Car Repair Shop started the business with total assets of P200,000 and totalliabilities of P50,000 on January 1, 2019. During the year, the business recordedrevenues of P190,400 and P95,600 expenses and Samson withdrew P21,500. _____3. What is the correct balance of the Boy, Capital account at the end of theyear? _____4. Based on number 3, what kind of financial statements to be prepared?A. Statement of Financial PositionB. Statement of Changes in Owner’s EquityC. Income StatementD. Cash Flows Statement
Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…
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Consider the following unadjusted account balances for the year ended December 31, 2022, as prepared by the bookkeeper of Something-Wrong Inc. The bookkeeper is new to the job and prepared the trial balance listing in alphabetical account name order (assume accounts have normal balances).Accounts payable ..................................................... $ 9,500Accounts receivable ................................................. 14,260Cash .......................................................................... 22,222Share capital (Common shares) ............................... 30,000Dividends.................................................................. 5,000Equipment................................................................ 12,000Prepaid insurance..................................................... 25,444Land.......................................................................... 20,000Notes payable (due next month) ............................. 25,300Retained…
Consider the following unadjusted account balances for the year ended December 31, 2022, as prepared by the bookkeeper of Something-Wrong Inc. The bookkeeper is new to the job and prepared the trial balance listing in alphabetical account name order (assume accounts have normal balances).Accounts payable ..................................................... $ 9,500Accounts receivable ................................................. 14,260Cash .......................................................................... 22,222Share capital (Common shares) ............................... 30,000Dividends.................................................................. 5,000Equipment................................................................ 12,000Prepaid insurance..................................................... 25,444Land.......................................................................... 20,000Notes payable (due next month) ............................. 25,300Retained…
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Modupe owns a retail shop. The following are the list of balances extracted from his books of accounts on 31 December 2019. Description Amount Pula Drawings 5,500.00Net Profit 21,100.00Capital 72,000.00Long term loan 10,000.00Creditors 2,500.00Cash in hand 500.00Cash in Bank 8,000.00Debtors 3,000.00Inventory 12,000.00Land Buildings 40,200.00Vehicles 28,400.00Equipment 8,000.00Required: Prepare a Balance Sheet / Statement of Financial Position for Modupe as at 31 December 2019.