QUESTION:1 Draw a trial balance of john ltd and post the following items; ₦ Purchase 10,000...

QUESTION:1 Draw a trial balance of john ltd and post the following items; ₦ Purchase 10,000 Capital 30,000 Land and building 6,500 Machinery 4,200 Wages 300 Sales 8,000 Stock 4,000 Insurance 600 Drawings 2,000 Rent receivable 4,000 Rent 3,500 Bill payable 2,100 Bill receivable 1,400 Profit Bought Forward 1,500 Equipment 13,000 Cash 4000 Bank 8,500 Creditors 10,000 Debtors 6,800 Carriage outward 300 Return inward 400 Return outward 300 Loan 5,000 Interest on loan 600 Bank overdraft 1,000,

Expert Solution

Ans:

Preparation of Trial Balance as required :

Account Description	Debit	Credit
Capital		$30,000.00
Drawings	$ 2,000.00
Land and Building	$ 6,500.00
Machinery	$ 4,200.00
Stock	$ 4,000.00
Insurance	$ 600.00
Rent Receivable	$ 4,000.00
Rent	$ 3,500.00
Bill payable		$ 2,100.00
Bill Receivable	$ 1,400.00
Loan		$ 5,000.00
Interest on loan		$ 600.00
Bank Overdraft		$ 1,000.00
Profit Brought forward		$ 1,500.00
Equipment	$13,000.00
Cash	$ 4,000.00
Bank	$ 8,500.00
Creditors		$10,000.00
Debtor	$ 6,800.00
Sales		$ 8,000.00
Purchase	$10,000.00
Wages	$ 300.00
Carraige Outward	$ 300.00
Return Inward	$ 400.00
Return Outward		$ 300.00
Difference		$11,000.00
Total	$69,500.00	$69,500.00

Final Difference amounting to $11,000 is pending for adjustment.

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ekkarill92 answered 1 year ago

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