Following Trial Balance was prepared by the accountant of “Market-ing For You” for the year ended 31st March 2021. Debit Credit Service income 170000 Capital 40800 Land and buildings 125000 Furniture and fixtures 50000 Prepaid insurance 6000 Electricity 7800 Travelling expenses 3000 Debtors 65000 Creditors 42000 Accumulated depreciation: Land and buildings 45000 Accumulated depreciation: Furniture and fixtures 15000 Provision for doubtful debt 3000 Cash 25000 Rental income 8000 Telephone expenses 4000 Unearned revenue 2000 Investment 50000 Bank loan 10000 Additional information Non-current assets are depreciated at 10% per annum Insurance expired 4800 Rental income receivable 4000 Provision for doubtful debt is 5% on debtors Accrued electricity 600 Prepare the year-end financial statements for “Market-ing For You”. Income statement Balance sheet Statement of Owner’s Equity
Following Trial Balance was prepared by the accountant of “Market-ing For You” for the year ended 31st March 2021. Debit Credit Service income 170000 Capital 40800 Land and buildings 125000 Furniture and fixtures 50000 Prepaid insurance 6000 Electricity 7800 Travelling expenses 3000 Debtors 65000 Creditors 42000 Accumulated depreciation: Land and buildings 45000 Accumulated depreciation: Furniture and fixtures 15000 Provision for doubtful debt 3000 Cash 25000 Rental income 8000 Telephone expenses 4000 Unearned revenue 2000 Investment 50000 Bank loan 10000 Additional information Non-current assets are depreciated at 10% per annum Insurance expired 4800 Rental income receivable 4000 Provision for doubtful debt is 5% on debtors Accrued electricity 600 Prepare the year-end financial statements for “Market-ing For You”. Income statement Balance sheet Statement of Owner’s Equity
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
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Trial Balance was prepared by the accountant of “Market-ing For You” for the year ended 31st March 2021.
|
Debit |
Credit |
Service income |
|
170000 |
Capital |
|
40800 |
Land and buildings |
125000 |
|
Furniture and fixtures |
50000 |
|
Prepaid insurance |
6000 |
|
Electricity |
7800 |
|
Travelling expenses |
3000 |
|
Debtors |
65000 |
|
Creditors |
|
42000 |
Accumulated |
|
45000 |
Accumulated depreciation: Furniture and fixtures |
|
15000 |
Provision for doubtful debt |
|
3000 |
Cash |
25000 |
|
Rental income |
|
8000 |
Telephone expenses |
4000 |
|
Unearned revenue |
|
2000 |
Investment |
50000 |
|
Bank loan |
|
10000 |
Additional information
- Non-current assets are depreciated at 10% per annum
- Insurance expired 4800
- Rental income receivable 4000
- Provision for doubtful debt is 5% on debtors
- Accrued electricity 600
Prepare the year-end financial statements for “Market-ing For You”.
- Income statement
- Balance sheet
- Statement of Owner’s Equity
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