46 12:09 b0.10 & 25% O3. From thefollowing TrialBalance of M/sRam and Sons;prepare aTrading andProfit and LosAccount for theyear ended 31stDecember..2012... and aBalance Sheet ason that date.Trail Balance of Mis ram and SonsDr.(Rs.) Cr.Rs.) ParticularsTraveling ExpenseParticularsDrRs.) Cr.(Rs.)Purchases21,750400Discount Allowed1,300Commission425Wages6,975Carriage Inward275Salaries2,000Trade Expenses705Sales35,000Interest100Outstand ng Tradeexpenses475Insurance150Buildings5,000Furniture200Debtors4,250Capit al13,000Creditors2,100Cash7,045505755057550,57550,575 46 12:09 b0.10 & 25% OTrail Balance of Mis ram and SonsParticularsDr.(Rs.)CrRs.)ParticularsDrARs.) Cr.(Rs.)PurchasesDiscount Allowed21,750Traveling Expense4001,300Commission425Wages6,975Carriage Inward275Salaries2,000Trade Expenses705Sales35,000Interest100Outstand ng Tradeexpenses475Insurance150Buildings5,000Furniture200Debtors4,250Capital13,000Creditors2,100Cash7,045505755057550,57550,575Adjustments:(a) Stock on 31stDecember Rs.6,000(b) WagesOutstandingRs.500(c) SalariesOutstandingRs.425(d) PrepaidInsurance Rs.50

The financial statements of the business are income statement and balance sheet , which are prepared…

Trail Balance of Mis ram and Sons Particulars Purchases Discount Allowed Dr.(Rs.) CrRs.) Particulars DrARs) Cr.(Rs.) 21,750 Traveling Expense 400 1,300 Commission 425 Carriage Inward Trade Expenses 35,000 Interest Wages 6,975 275 Salaries 2,000 705 Sales 100 Outstanding Trade expenses Buildings Debtors Creditors 475 Insurance 150 5,000 Furniture 200 4,250 Capital 13,000 2,100 Cash 50575 50575 7,045 50,575 50,575

Trail Balance of Mis ram and Sons Particulars Purchases Discount Allowed Dr.(Rs.) CrRs.) Particulars DrARs) Cr.(Rs.) 21,750 Traveling Expense 400 1,300 Commission 425 Carriage Inward Trade Expenses 35,000 Interest Wages 6,975 275 Salaries 2,000 705 Sales 100 Outstanding Trade expenses Buildings Debtors Creditors 475 Insurance 150 5,000 Furniture 200 4,250 Capital 13,000 2,100 Cash 50575 50575 7,045 50,575 50,575

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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Previous answer is incorrect and needed correct answer.
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Business registered as 15% vat. They use perpetual inventory systems and all goods mark up at 20% above cost, before taking into account any trade discount. Prepare a cashbook payment and cashbook receipts Owner contributed R5 000 cash Cash sales R13 800 including vat Cash purchases R8 000 excluding vat Paid telkom for telephone account R345 Paid R2 000 towards a loan settlement with mzansi bank Cash sales R5 750 including vat Cash purchases R4 600 including vat Paid wages R800
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