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The following trial balance was extracted from the books of C. Smith, a sole trader, on 31 December 2019: € Fixtures & fittings at cost Accumulated depreciation on fixtures & fittings Motor vehicles 420,000 58,800 112,560 Accumulated depreciation on motor vehicles 47,900 74,450 98,030 Inventories as at 1/1/2019 Receivables and payables 101,200 17,800 Bank Prepayments 31/12/2019 7,800 Accruals 31/12/2019 14,200 210,000 879,000 11,650 19,640 Term loan 546,500 21,400 18,400 21,000 33,700 55,000 15,520 74,200 Purchases and sales Sales and purchases returns Discounts allowed and received Carriage outwards Insurance Rent Interest Wages and salaries Allowances for receivables 1/1/2019 4,900 7,210 36,540 Irrecoverable debts Drawings Capital 177,220 1,542,310 1,542,310 The following information, which has not been accounted for above, is also available: 1. Inventory as at 31 December 2019 was valued at cost at €83,500. This figure includes inventory items that cost €12,800. Post year end these inventory items were sold for €10,650 after incurring costs to sell of €970. || 2. An item of fixtures & fittings was sold during the year for €16,980. The cost of the fixtures & fittings sold was €32,450 and depreciation of €19,460 had been charged as at 1/1/2019. 3. Depreciation is to be provided for as follows: į. Fixtures & fittings - 4% straight line ii. Motor vehicles - 15% reducing balance The depreciation policy is to charge a full year's depreciation in the year of acquisition and none in the year of sale. 4. A review of receivables balances as at the year-end identified €11,500 of receivables that should be written off as irrecoverable. 5. The allowance for receivables is to be adjusted for 7% of the remaining receivable balances.

The following trial balance was extracted from the books of C. Smith, a sole trader, on 31 December 2019: € Fixtures & fittings at cost Accumulated depreciation on fixtures & fittings Motor vehicles 420,000 58,800 112,560 Accumulated depreciation on motor vehicles 47,900 74,450 98,030 Inventories as at 1/1/2019 Receivables and payables 101,200 17,800 Bank Prepayments 31/12/2019 7,800 Accruals 31/12/2019 14,200 210,000 879,000 11,650 19,640 Term loan 546,500 21,400 18,400 21,000 33,700 55,000 15,520 74,200 Purchases and sales Sales and purchases returns Discounts allowed and received Carriage outwards Insurance Rent Interest Wages and salaries Allowances for receivables 1/1/2019 4,900 7,210 36,540 Irrecoverable debts Drawings Capital 177,220 1,542,310 1,542,310 The following information, which has not been accounted for above, is also available: 1. Inventory as at 31 December 2019 was valued at cost at €83,500. This figure includes inventory items that cost €12,800. Post year end these inventory items were sold for €10,650 after incurring costs to sell of €970. || 2. An item of fixtures & fittings was sold during the year for €16,980. The cost of the fixtures & fittings sold was €32,450 and depreciation of €19,460 had been charged as at 1/1/2019. 3. Depreciation is to be provided for as follows: į. Fixtures & fittings - 4% straight line ii. Motor vehicles - 15% reducing balance The depreciation policy is to charge a full year's depreciation in the year of acquisition and none in the year of sale. 4. A review of receivables balances as at the year-end identified €11,500 of receivables that should be written off as irrecoverable. 5. The allowance for receivables is to be adjusted for 7% of the remaining receivable balances.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 7P: Dinnell Company owns the following assets: In the year of acquisition and retirement of an asset,...
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Need to Convert from Trial Balance to Balance Sheet

The following trial balance was extracted from the books of C. Smith, a sole trader, on 31 December 2019: € Fixtures & fittings at cost Accumulated depreciation on fixtures & fittings 420,000 58,800 Motor vehicles 112,560 Accumulated depreciation on motor vehicles 47,900 Inventories as at 1/1/2019 74,450 Receivables and payables 101,200 17,800 98,030 Bank Prepayments 31/12/2019 7,800 Accruals 31/12/2019 14,200 210,000 879,000 11,650 19,640 Term loan 546,500 21,400 18,400 21,000 33,700 Purchases and sales Sales and purchases returns Discounts allowed and received Carriage outwards Insurance Rent 55,000 15,520 74,200 Interest Wages and salaries Allowances for receivables 1/1/2019 4,900 Irrecoverable debts 7,210 36,540 Drawings Capital 177,220 1,542,310 1,542,310 The following information, which has not been accounted for above, is also available: 1. Inventory as at 31 December 2019 was valued at cost at €83,500. This figure includes inventory items that cost €12,800. Post year end these inventory items were sold for €10,650 after incurring costs to sell of €970. | 2. An item of fixtures & fittings was sold during the year for €16,980. The cost of the fixtures & fittings sold was €32,450 and depreciation of €19,460 had been charged as at 1/1/2019. 3. Depreciation is to be provided for as follows: į. Fixtures & fittings - 4% straight line ii. Motor vehicles - 15% reducing balance The depreciation policy is to charge a full year's depreciation in the year of acquisition and none in the year of sale. 4. A review of receivables balances as at the year-end identified €11,500 of receivables that should be written off as irrecoverable. 5. The allowance for receivables is to be adjusted for 7% of the remaining receivable balances.
Transcribed Image Text:The following trial balance was extracted from the books of C. Smith, a sole trader, on 31 December 2019: € Fixtures & fittings at cost Accumulated depreciation on fixtures & fittings 420,000 58,800 Motor vehicles 112,560 Accumulated depreciation on motor vehicles 47,900 Inventories as at 1/1/2019 74,450 Receivables and payables 101,200 17,800 98,030 Bank Prepayments 31/12/2019 7,800 Accruals 31/12/2019 14,200 210,000 879,000 11,650 19,640 Term loan 546,500 21,400 18,400 21,000 33,700 Purchases and sales Sales and purchases returns Discounts allowed and received Carriage outwards Insurance Rent 55,000 15,520 74,200 Interest Wages and salaries Allowances for receivables 1/1/2019 4,900 Irrecoverable debts 7,210 36,540 Drawings Capital 177,220 1,542,310 1,542,310 The following information, which has not been accounted for above, is also available: 1. Inventory as at 31 December 2019 was valued at cost at €83,500. This figure includes inventory items that cost €12,800. Post year end these inventory items were sold for €10,650 after incurring costs to sell of €970. | 2. An item of fixtures & fittings was sold during the year for €16,980. The cost of the fixtures & fittings sold was €32,450 and depreciation of €19,460 had been charged as at 1/1/2019. 3. Depreciation is to be provided for as follows: į. Fixtures & fittings - 4% straight line ii. Motor vehicles - 15% reducing balance The depreciation policy is to charge a full year's depreciation in the year of acquisition and none in the year of sale. 4. A review of receivables balances as at the year-end identified €11,500 of receivables that should be written off as irrecoverable. 5. The allowance for receivables is to be adjusted for 7% of the remaining receivable balances.
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