Answer to Question #99474 in Accounting for Usman Tariq

Question

Trial balance 31st March 2012 Sales 199000 Purchases 80,00 Furniture and fittings 24000 Accumulated Depreciation as at 1 April 2011 19,000 Stock at 1 April 2011 18,800 Bank 700 Trade Receivables 5,000 Trade Payables 25,890 Freehold Property at cost 180,000 Accumulated Depreciation as at 1 April 2011 18,000 Maintenance 9,240 Office expenses 12,400 Salaries 45,500 Directors bonuses 12,940 Rates 1,760 Loan Interest 1,800 Loans 18,000 Bad debt 700 Provision for debts as at 1 April 2011 150 Retained earnings as at 1 April 2011 23,000 Share Capital at 1 April 2011 90,000 Closing Stock at the 31st March 2012 was valued at �18,000 Rates includes an invoice for the year ending 31-Dec-12 �624 Office expenses of �1,000 outstanding at the year end Directors bonuses of �2,000 outstanding at the year end Depreciation is provided on a straight line of 10 % Freehold Property at cost and 15% reducing balance on F and F The provision for bad debts is to be 7% of trade receivables Income Statement and Balance Sheet

Answer 1

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