QUESTION 2The following trial balance of Anderson Pryion has been prepared by his accountant. Afterthe preparation of the trial balance, additional information has been noted but adjustmentshave yet to be made.e)f)SalesAdditional information:i)PurchasesReturn inwards.Return outwardsInventory at 1 January 2021Allowance for doubtful debtsWages and salariesRatesii)TelephoneShop fittings (cost)Van (cost)Acc. Receivable & acc. PayableBad debtsCapitalBankDrawingsTrial balance as at 31 December 2021Closing inventory at 31 December 2021REQUIRED:Debit(S)350,0005,000100,00030,0006,0001,00040,00030,0009,800200Credit($)400,0006,2008007,000a)b) Accrued wagesc)Rates prepaidThe allowance for doubtful debts to be increased to 10% of account receivable179,0003,00018,000593,000 593,000$120,000$5,000$500Telephone account outstanding$220Depreciate shop fittings at 10% per annum, and van at 20% per annum, on costPrepare the Statement of Comprehensive Income for the year ending 31 December2021Prepare the Statement of Financial Position as at 31 December 2021

In the context of the given question, we are required to prepare a comprehensive income statement…

QUESTION 2 The following trial balance of Anderson Pryion has been prepared by his accountant. After the preparation of the trial balance, additional information has been noted but adjustments have yet to be made. a) b) c) d) e) f) Sales i) ii) Purchases Return inwards Return outwards Inventory at 1 January 2021 Allowance for doubtful debts Wages and salaries Rates Additional information: Trial balance as at 31 December 2021 Telephone Shop fittings (cost) Van (cost) Acc. Receivable & acc. Payable Bad debts Capital Bank Drawings REQUIRED: Debit (S) 350,000 5,000 100,000 30,000 6,000 1,000 40,000 30,000 9,800 200 Credit ($) 400,000 6,200 800 7,000 179,000 3,000 18,000 593,000 593,000 Closing inventory at 31 December 2021 Accrued wages Rates prepaid The allowance for doubtful debts to be increased to 10% of account receivable $120,000 $5,000 $500 Telephone account outstanding $220 Depreciate shop fittings at 10% per annum, and van at 20% per annum, on cost Prepare the Statement of Comprehensive Income for the year ending 31 December 2021 Prepare the Statement of Financial Position as at 31 December 2021

QUESTION 2 The following trial balance of Anderson Pryion has been prepared by his accountant. After the preparation of the trial balance, additional information has been noted but adjustments have yet to be made. a) b) c) d) e) f) Sales i) ii) Purchases Return inwards Return outwards Inventory at 1 January 2021 Allowance for doubtful debts Wages and salaries Rates Additional information: Trial balance as at 31 December 2021 Telephone Shop fittings (cost) Van (cost) Acc. Receivable & acc. Payable Bad debts Capital Bank Drawings REQUIRED: Debit (S) 350,000 5,000 100,000 30,000 6,000 1,000 40,000 30,000 9,800 200 Credit ($) 400,000 6,200 800 7,000 179,000 3,000 18,000 593,000 593,000 Closing inventory at 31 December 2021 Accrued wages Rates prepaid The allowance for doubtful debts to be increased to 10% of account receivable $120,000 $5,000 $500 Telephone account outstanding $220 Depreciate shop fittings at 10% per annum, and van at 20% per annum, on cost Prepare the Statement of Comprehensive Income for the year ending 31 December 2021 Prepare the Statement of Financial Position as at 31 December 2021

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.5: Preparing A Post-closing Trial Balance

Problem 1OYO

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