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Btap KTTC

The trial balance as of June 30, Year 6 shows total debits of $631,400 equal to total credits. Adjusting entries are recorded for accrued expenses, prepaid rent, bad debts, and depreciation expense. The statement of comprehensive income reports sales of $426,000 and cost of goods sold of $300,000, resulting in gross profit of $126,000 and net profit of $13,200. The statement of financial position reports non-current assets of $95,500, current assets of $63,000, and total assets of $158,500 equal to total equity and liabilities.

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14 views5 pages

Btap KTTC

The trial balance as of June 30, Year 6 shows total debits of $631,400 equal to total credits. Adjusting entries are recorded for accrued expenses, prepaid rent, bad debts, and depreciation expense. The statement of comprehensive income reports sales of $426,000 and cost of goods sold of $300,000, resulting in gross profit of $126,000 and net profit of $13,200. The statement of financial position reports non-current assets of $95,500, current assets of $63,000, and total assets of $158,500 equal to total equity and liabilities.

Uploaded by

huongcute2003
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Brenda - Trial balance as at 30 June Year 6

DR CR
$ $
Sales 428,000
Sales returns 2,000
Purchases 302,000
Purchases returns 1,000
Carriage inwards 500
Carriage outwards 900
Wages and salaries 64,000
Rent 14,000
Heating and lighting 5,000
Inventory as at 1 July Year 5 15,000
Drawings 22,000
Provision for doubtful debts 4,000

Equipment - at cost 102,000


Motor vehicels - at cost 44,000
Accumulated Depreciation:
equipment 22,500
motor vehicles 9,000
Trade receivables 51,000
Trade payables 42,000
Bank 3,300
Sundry expenses 8,500
Cash 500
Capital as at 1 July Year 5. 121,600
631,400 631,400
Note 1 Heating $ lighting accrual

A1 Dr H % L expense 400
Cr Accrual 400

Note 2 Prepaid for rent

A2 Dr Prepaid for rent 700


Cr Rent expense 700

Note 3 Bad debt w/o

A3 Dr Bad debt expense 1200


Cr AR 1200

A4 Allowance
Dr bad debt exp 500
Cr Allowance 500

Note 4 Depreciation
Equipment
A5 Dr Depreciation exp 10200
Cr PPE 10200
Motor
A6 Dr Depreciation exp 8800
Cr PPE 8800

Note 5 Inventory
OB 15,000

Purchase 302,000 COGS 300,000


Inwards 500 Purchase returns 1,000

EB 16,500

Statement of comprehensive income Statement of financial positi


Ref $
Sales 426,000 Non-current assets
COGS Note 5 (300,000) PPE
Gross profit 126,000
Selling expense (900) Current assets
Wages and salaries -64000 Inventory
Rent A2 -13300 Prepayment
Heating & lighting exp A1 -5,400 AR
Bad debt exp A3, A4 -1,700 Bank & cash
Depreciation exp A5, A6 -19,000
Sundry expenses -8,500 Total assets
Profit for the year 13,200
Equities & Liabilities

Capital

Current Liabilities
AP
Accrual
Bank overdraft

Total Equities & Liabilities


atement of financial position
Ref $
on-current assets
A5,A6 95,500

rrent assets
16,500
A2 700
A3,4 45,300
500

158,500

uities & Liabilities

PL 112,800

rrent Liabilities
42,000
A1 400
nk overdraft 3,300

tal Equities & Liabilities 158,500

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