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Solution Manual Accounting An Introduction To Principles Practice 7th Edition By Edward A Clarke – Test Bank
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Description

Solution Manual Accounting An Introduction To Principles & Practice 7th Edition By Edward A Clarke – Test Bank

Question 11.3a continued (periodic inventory applies)
General Ledger of E L Alamein (continued)
Sales Interest Received
Trading 186 386 balance 186 386 Profit & Loss 1 200 balance 1 200
Purchases Advertising
balance 87 890 Trading 87 890 balance 8 230 Profit & Loss 8 230
Salaries Depreciation – Machinery
balance 60 100 Profit & Loss 60 100 balance 6 050 Profit & Loss 6 050
Bad Debts Interest on Mortgage
balance 2 853 Profit & Loss 2 853 balance 5 310 Profit & Loss 5 310
Doubtful Debts
balance 510 Profit & Loss 510
Income Statement of E L Alamein
for the year ended 30 June 2015
Revenue
Sales 186 386
less Cost of Goods Sold
Inventory [1 July 2014] 16 100
Purchases 87 890
Cost of goods available for sale 103 990
less Inventory [30 June 2015] 15 600 88 390
Gross Profit 97 996
add Other Revenue
Interest Received 1 200
Total Revenue 99 196
less Expenses
Selling & Distribution
Advertising 8 230
General & Administrative
Salaries 60 100
Depreciation – Machinery 6 050 66 150
Financial and Borrowing
Bad Debts 2 853
Interest on Mortgage 5 310
Doubtful Debts 510 8 673
Total Expenses 83 053
Net Profit 16 143

===========

Question 11.3a continued (periodic inventory applies)
Balance Sheet of E L Alamein
as at 30 June 2015
Current Assets
Bank 8 398
Petty Cash 150
Accounts Receivable Control 25 399
less Provision for Doubtful Debts 890 24 509
Inventory 15 600
GST Receivable 2 400
Revenue Accrued 580
Expense Prepaid 2 750 54 387
Non-current Assets
Premises 59 000
Machinery 40 570
less Accumulated Depreciation 24 230 16 340
Debentures 16 000 91 340
Total Assets 145 727
Current Liabilities
Accounts Payable Control 9 889
GST Payable 4 660
Expense Accrued 4 100 18 649
Non-current Liabilities
Mortgage on Premises 25 000
less Total Liabilities 43 649
Net Assets 102 078
Owners’ Equity
Capital 87 505
add Net Profit 16 143 103 648
less Drawings 1 570
Total Owners’ Equity 102 078

 

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