Better Students Ask More Questions.
Mr. Adongo has been operating for a number of years as a merchant. The following list...
Mr. Adongo has been operating for a number of years as a merchant. The following list of
balances has been extracted from his ledger on April 30 2017, the end of his most recent
Capital 83, 887
Returns out 13,407
Provision for bad debt 512
Discounts allowed 2,306
Discounts received 1,750
Returns inwards 5,624
Carriage outwards 4,562
Carriage inwards 11,830
Rent, Rates, and Insurance 25,973
Heating and Lighting 11,010
Postage, Stationery andTelephone 2,410
Salaries and wages 38,521
Bad debts 2,008
Stock as at May 1 2016 15,654
Fixtures and Fittings - at cost 120,740
Provision for depreciation on fixtures and fittings - as at April 30 2017 63,020
The following information was available at April 30 2017:
a) Stock at the close of business was valued at $17, 750
b) Insurance has been prepaid by $1,120
c) Heading and lighting is accrued by $1,360
d) Rates have been prepaid by $5,435
e) The provision for bad debts is to be adjusted so that it 3% of debtors
Prepare Mr.Adongo's Profit and Loss Account for the year ended April 30 2017 and
a Balance Sheet as at that date.
0 Answers | Be the first to answer
Join to answer this question
Join a community of thousands of dedicated teachers and students.