The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Capital Cash in hand Cash at bank Purchase Return inwards Return outwards Sales Wages Fuel and power Opening stock Creditors Debtors Premises Land Machinery Patents Dr. Cr. 71,000 540 2,630 40,675 680 500 98,780 10,480 4,730 5,760 6,300 14,500 30,000 10,000 20,000 7,500 15,000 2,040 3,200 3,000 600 5.245 178.580 Additional information available at 31" March 2018: Salaries Carriage inwards Camiage outwards Sundry expenses Insurance Drawings 178.580 i) Closing stock Sh.5,800 ii) Depreciate machimery and patents by 10% and 20% respectively iii) Salaries due for the month of March amounted to Sh.1,500 iv) The insurance policy expired on 30 September 2018 v) Provide 5% for doubtful debts vi) Sh.2,000 spent on installation of a shed were included in wages account Required: a) Trading, Profit and Loss Account for the vear ended 31 March 2018 b) The Balance Sheet as at 31 March 2018
The following is the trial balance of M/s Ngugi as on 31 March 2018; Particulars Capital Cash in hand Cash at bank Purchase Return inwards Return outwards Sales Wages Fuel and power Opening stock Creditors Debtors Premises Land Machinery Patents Dr. Cr. 71,000 540 2,630 40,675 680 500 98,780 10,480 4,730 5,760 6,300 14,500 30,000 10,000 20,000 7,500 15,000 2,040 3,200 3,000 600 5.245 178.580 Additional information available at 31" March 2018: Salaries Carriage inwards Camiage outwards Sundry expenses Insurance Drawings 178.580 i) Closing stock Sh.5,800 ii) Depreciate machimery and patents by 10% and 20% respectively iii) Salaries due for the month of March amounted to Sh.1,500 iv) The insurance policy expired on 30 September 2018 v) Provide 5% for doubtful debts vi) Sh.2,000 spent on installation of a shed were included in wages account Required: a) Trading, Profit and Loss Account for the vear ended 31 March 2018 b) The Balance Sheet as at 31 March 2018
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 69.3C
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