PSJ Electrical Trial Balance as at 31 December 2021 Sales Debit Credit 550000 Motor Van at cost 75000 Office Equipment 16800 Provision for Depreciation on Motor van 8400 Provision for Depreciation on office equipment 5400 Purchases 350380 Salaries and wages 36592 Stock: 31 January 2021 85700 Returns Inwards 13600 Carriage Inwards 6000 Bad debts 2468 Provision for bad debts 1460 General expenses 1890 Rent 5130 Insurance 4900 Motor expenses 7880 Creditors 65000 Debtors 90644 Cash at Bank 1332 Drawings: Patrick 25300 Smith 16834 Jones 12432 Current Accounts: Patrick 2780 Smith 1230 Jones 5072 Capital Accounts: Patrick 60000 Smith 32000 Jones 24000 754112 754112 The following notes are available: Stock at 31 December 2021, $120,500 Salaries paid in advance $4600 insurance owing $380 Increase provision for bad debt to $1700 Annual salaries to Patrick $2400; Jones $1400 Interest on drawings 5% per annum Interest on capital 10% percent Depreciation on Motor van is 15 % per annum on the reducing balance method and office equipment Prepare a profit and loss, appropriation and balance sheet

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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PSJ Electrical
Trial Balance as at 31 December 2021
Sales	Debit	Credit 550000
Motor Van at cost	75000
Office Equipment	16800
Provision for Depreciation on Motor van		8400
Provision for Depreciation on office equipment		5400
Purchases	350380
Salaries and wages	36592
Stock: 31 January 2021	85700
Returns Inwards	13600
Carriage Inwards	6000
Bad debts	2468
Provision for bad debts		1460
General expenses	1890
Rent	5130
Insurance	4900
Motor expenses	7880
Creditors		65000
Debtors	90644
Cash at Bank	1332
Drawings: Patrick	25300
Smith	16834
Jones	12432
Current Accounts: Patrick		2780
Smith	1230
Jones		5072
Capital Accounts: Patrick		60000
Smith		32000
Jones		24000
	754112	754112

The following notes are available:

Stock at 31 December 2021, $120,500
Salaries paid in advance $4600
insurance owing $380
Increase provision for bad debt to $1700
Annual salaries to Patrick $2400; Jones $1400
Interest on drawings 5% per annum
Interest on capital 10% percent
Depreciation on Motor van is 15 % per annum on the reducing balance method and office equipment

Prepare a profit and loss, appropriation and balance sheet

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