T Murray has prepared the following bank ledger account

for #8230
T. Murray has prepared the following bank ledger account for the year ended 31 March 20X3:T.
Murray has also supplied you with the following information.a. Commissions received included
£85, which had been in arrears at 31 March 20X2, and £55, which had been paid for the year
commencing 1 April 20X3. In addition, three customers still owed commission for the year to 31
March 20X3. One was commission for a type A product (£15) the other two were commission
for the sale of type B products (£45).b. The land that was sold was valued in the company's
books at £1,500.c. Depreciation is to be charged as follows.Buildings 5 per cent per annum
straight line basisMotor vehicle Sum of digits method over five yearsFixtures and fittings 25 per
cent reducing balance methodFurniture 20 per cent reducing balance methodA full year's
depreciation is charged in the year of purchase but none is charged in the year of sale.d.
Accrued expenses:...................31/03/X2 ........... 31/03/X3....................... £ .........................
£Stationery ................ 15 ............... 656Wages ..................... 560 ............... 545The electricity
bill for the period to 30 April 20X3 (£450) was paid for on 23 May 20X3.The rent paid in advance
was to cover three full financial years including 20X2.The interest received in the year is for the
period from 1 April 20X2 to 31 December 20X2.e. General expenses includes an amount of £35
for a telephone bill that was posted here in error.f. The closing inventory has been valued at
£990.g. Repairs include £200, which was paid for a brand new pool table.h. The following
balances are from T. Murray's books at 31 March
20X2:....................................................................................................................... £Load of cost
..................................................................... 8,000Buildings at cost
................................................................ 6,400Buildings provision for deprecation
........................................... 800Fixtures and fittings at cost ...................................................
1,250Fixtures provision for depreciation ............................................ 250Furniture at cost
.................................................................. 580Furniture provision for depreciation
.......................................... 180Commission in arrears (including £15 from o bankrupt client)
........... 100Commission in advance .......................................................... 30Inventories
........................................................................ 250Requireda. Prepare the opening statement of
financial position for T. Murray as at 31 March 20X2.b. Prepare the statement of profit and loss
for T. Murray for the year ended 31 March 20X3.c. Prepare the statement of financial position
for T. Murray as at 31 March 20X3?View Solution:
T Murray has prepared the following bank ledger account for

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