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    AC 711 Example 1

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    Hamza Shabani
    From the trial balance of XXX plc, purchases were ₤22,000 while sales were ₤38,000 with returns inwards of ₤600 and returns outwards of ₤400. Machinery was valued at ₤24,300 with debtors of ₤8,000 and creditors of ₤6,000. Other expenses included interest of ₤220, salaries of ₤10,780, rent of ₤1,400 and advertising of ₤1,000. Capital was ₤41,880 with drawings of ₤9,000 and the closing stock was ₤19,700.

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    AC 711 Example 1

    Uploaded by

    Hamza Shabani
    6 views1 page
    From the trial balance of XXX plc, purchases were ₤22,000 while sales were ₤38,000 with returns inwards of ₤600 and returns outwards of ₤400. Machinery was valued at ₤24,300 with debtors of ₤8,000 and creditors of ₤6,000. Other expenses included interest of ₤220, salaries of ₤10,780, rent of ₤1,400 and advertising of ₤1,000. Capital was ₤41,880 with drawings of ₤9,000 and the closing stock was ₤19,700.

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    FINACIAL ACCOUNTING

    Original Title

    AC_711_example_1[1]

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    From the trial balance of XXX plc, purchases were ₤22,000 while sales were ₤38,000 with returns inwards of ₤600 and returns outwards of ₤400. Machinery was valued at ₤24,300 with debtors of ₤8,000 and creditors of ₤6,000. Other expenses included interest of ₤220, salaries of ₤10,780, rent of ₤1,400 and advertising of ₤1,000. Capital was ₤41,880 with drawings of ₤9,000 and the closing stock was ₤19,700.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
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    Download as doc, pdf, or txt
    6 views1 page

    AC 711 Example 1

    Uploaded by

    Hamza Shabani
    From the trial balance of XXX plc, purchases were ₤22,000 while sales were ₤38,000 with returns inwards of ₤600 and returns outwards of ₤400. Machinery was valued at ₤24,300 with debtors of ₤8,000 and creditors of ₤6,000. Other expenses included interest of ₤220, salaries of ₤10,780, rent of ₤1,400 and advertising of ₤1,000. Capital was ₤41,880 with drawings of ₤9,000 and the closing stock was ₤19,700.

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    © All Rights Reserved
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    of 1

    Example one: From the following trial balance of XXX plc prepare statement of

    Comprehensive Income for the year ended 31 st December 2013 and statement of
    financial position as at 31st December 2013,
    TITLE OF ACCOUNTS

    DEBIT

    Purchases

    22,000

    Sales
    Returns inwards

    38,000
    600

    Returns outwards

    400

    Machinery

    24,300

    Debtors

    8,000

    Creditors

    6,000

    Interest charges

    220

    Salaries

    10,780

    Office expenses

    1,980

    Rent

    1,400

    Lighting expenses

    600

    Carriage inwards

    1,200

    Carriage outwards

    800

    Loan
    Cash in hand

    CREDIT

    10,300
    2,000

    Capital

    41,880

    Drawings

    9,000

    Opening stock as at 1/1/2013

    11,000

    Salaries sales personnel

    1,200

    Sales commission

    500

    Advertisement

    1,000

    Total

    96,580

    96,580

    The closing stock at the end of the accounting period (31/12/2013) was 19,700.

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