Prepare a profit and loss account for the year ending 31 December 20X9 and a balance sheet as at that date.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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8.6A The following information relates to A Trader's business:
Assets and liabilities at
1 January 20X9
£
18,000
4,800
24,000
8,000
760
Fixtures
Debtors
Stock
Creditors
Cash
Balance at bank
Loan from B Burton
Motor vehicle
15,600
6,000
31 December 20X9
f
16,200
5,800
28,000
11,000
240
4,600
2,000
16,000
During the year, Trader had sold private investments for £4,000 which he paid into the business
bank account, and he had drawn out £200 weekly for private use.
Required:
Prepare a profit and loss account for the year ending 31 December 20X9 and a balance sheet as at
that date.
Transcribed Image Text:8.6A The following information relates to A Trader's business: Assets and liabilities at 1 January 20X9 £ 18,000 4,800 24,000 8,000 760 Fixtures Debtors Stock Creditors Cash Balance at bank Loan from B Burton Motor vehicle 15,600 6,000 31 December 20X9 f 16,200 5,800 28,000 11,000 240 4,600 2,000 16,000 During the year, Trader had sold private investments for £4,000 which he paid into the business bank account, and he had drawn out £200 weekly for private use. Required: Prepare a profit and loss account for the year ending 31 December 20X9 and a balance sheet as at that date.
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