In: Accounting
question: Prepare Tracy’s balance sheet as at December 31, 2017
Trial balance for Tracy Underhill as at 31 December 2017
Debit |
Credit |
|
£ _ . |
£ |
|
Sales revenue |
695,000 |
|
Inventory (as at 1 January 2017) |
105,800 |
|
Purchases |
625,200 |
|
Non-current assets at cost: |
||
Equipment |
100,000 |
|
Motor vehicle |
80,000 |
|
Accumulated depreciation: |
||
Equipment |
10,000 |
|
Motor vehicle |
10,000 |
|
Insurance |
14,700 |
|
Rent |
30,000 |
|
Heating and lighting |
10,000 |
|
Salaries and wages |
40,000 |
|
Motor expenses |
15,300 |
|
Miscellaneous expenses |
28,500 |
|
Receivables |
110,000 |
|
Allowance for receivables |
14,000 |
|
Payables |
101,500 |
|
Cash |
71,000 |
|
Bank loan |
100,000 |
|
Capital |
300,000 |
|
Total |
1,230,500 |
1,230,500 |
Additional information is provided for use in preparing the company’s adjustments: