Required to prepare :A) Trading and profit and loss appropriation account for the year ended 31 December 2019.B) A balance sheet as at 31 December 2019 Question 3The following is the trial balance of Pork and Ham for the year ended 31 December 2019.DebitcreditDrawings:Pork1750Ham1429Capital:Pork9 000Ham4 800Current accounts:Pork880Ham120Premises10 000Motor vehicles1870Stock 1 January 20192 395Return inwards and outwards110286Purchases/ Sales19 463 28 797Wages and salariesCarriage inwardsDelivery expenses4 689216309Rent and rates485Insurance116Debtors/creditors3 4621 899Cash in hand180General expenses204Loan-Thomas2 000Discount allowed/receivedMotor expenses392404635Cash at bank24148 066 48 066Additional information1. Stock at 31 December 2019 was P5 623.2. Depreciate motors by 10 %.3. Insurance prepaid P12.4. Rates owing P575. Included in salaries is a salary to Ham for the year P300.6. Allow 5% interest on capitals.7. Charge interest on drawings: Pork P58, Ham P39.8. Goods valued at P75 have been taken by Pork for own use. No entry has been made inthe books.9. Profit shared: Ham 2/5 and Pork 3/5.10. Loan interest owing P140.11. Make provision for bad debts P 320.

Statement of income shows all the income(s) earned by the organization. There are certain ways for…

Answered: Required to prepare : A) Trading and…

Required to prepare : A) Trading and profit and loss appropriation account for the year ended 31 December 2019. B) A balance sheet as at 31 December 2019

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 6MCQ: Rons Diner received the following bills for December 2019 utilities: â€¢ Electricity: $625 on...

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