Tobolola who has not kept a complete stet of books for her business has been...

Tobolola who has not kept a complete stet of books for her business has been able to provide the following information

31st December
1997 1998
Plant and machinery 31,500 35,350
Stock 15,120 17,255
Trade debtors 11,396 13,020
Trade creditors 6,020 6,468
Prepayments - Rates - 350
Accruals - Rent 910 1,750
- Expenses 840 1,050
Additional Information
a. A summary of her cash transactions for the year is shown below
Balance B/f 1,834 Creditors 119,112
Cash Sales 116,592 Wages 18,669
Debtors 57,134 Rent 5,250
Rate 1,750
Expenses 11,382
New Machinery 7,000
Drawings 7,560
Balance c/d 4,837
175,560 175,560
b. Details of discounts are as follows:
Allowed 2,205; Received 4,578

You are required to prepare:
i. Opening statement of affairs
ii. Trading, profit and loss account for the year ended 31st December, 1998
iii. A balance sheet as at that date.?

In Accounting
3 Answers Available
Asked by VICTORIA on 28th July, 2020