Homework Help is Here – Start Your Trial Now!
Business
Accounting
The following is the Trial Balance for Mina Traders as at 30th April 2020 Particulars DR. CR. € € Inventory as at 30th March 2019 18,000 Capital Cash at hand 70,000 2,400 900 1,300 Discount allowed Salaries Sales Accounts payable Land & Buildings 47,200 36,000 50,000 18,000 Furniture Bank loan 20,000 Plant & Machinery 22,000 25,000 Accounts Receivables Discount received 1,500 2,200 850 Returns outwards Interest paid Bad debts Printing & Stationery Purchases Returns inwards Wages 650 1,200 32,000 1,800 2,800 176,900 176,900 Notes to the end year financial Report: (a) The inventory at hand on 30th April 2020 was valued at €29,000 (b) Outstanding Salary was €700 (c) Wages paid in advance to employees was €1,200 (d) Depreciate land & Buildings at 5%, and plant & machinery at €10% p.a using straight line method (e) Write off €1,000 for further Bad debts. Prepare Mina Traders Income Statement (Trading, Profit & Loss Account) for the year ended 30th April 2020 (ii) Prepare A balance sheet for Mina Traders as at 30th April 2020 (ii) With relevant literature explain advance payments also known as prepayments. What accounting concept guided your treatment of the prepaid expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet. (i) (iv) With relevant literature explain outstanding payments also known as accruals. What accounting concept guided your treatment of the accrued expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet.

The following is the Trial Balance for Mina Traders as at 30th April 2020 Particulars DR. CR. € € Inventory as at 30th March 2019 18,000 Capital Cash at hand 70,000 2,400 900 1,300 Discount allowed Salaries Sales Accounts payable Land & Buildings 47,200 36,000 50,000 18,000 Furniture Bank loan 20,000 Plant & Machinery 22,000 25,000 Accounts Receivables Discount received 1,500 2,200 850 Returns outwards Interest paid Bad debts Printing & Stationery Purchases Returns inwards Wages 650 1,200 32,000 1,800 2,800 176,900 176,900 Notes to the end year financial Report: (a) The inventory at hand on 30th April 2020 was valued at €29,000 (b) Outstanding Salary was €700 (c) Wages paid in advance to employees was €1,200 (d) Depreciate land & Buildings at 5%, and plant & machinery at €10% p.a using straight line method (e) Write off €1,000 for further Bad debts. Prepare Mina Traders Income Statement (Trading, Profit & Loss Account) for the year ended 30th April 2020 (ii) Prepare A balance sheet for Mina Traders as at 30th April 2020 (ii) With relevant literature explain advance payments also known as prepayments. What accounting concept guided your treatment of the prepaid expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet. (i) (iv) With relevant literature explain outstanding payments also known as accruals. What accounting concept guided your treatment of the accrued expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet.

Business/Professional Ethics Directors/Executives/Acct
Business/Professional Ethics Directors/Executives/Acct
8th Edition
ISBN:9781337485913
Author:BROOKS
Publisher:BROOKS
Chapter8: Subprime Lending Fiasco-ethics Issues
Section: Chapter Questions
Problem 3.3EC
See similar textbooks
icon
Related questions
Question
The following is the Trial Balance for Mina Traders as at 30th April 2020 Particulars DR. € CR. € Inventory as at 30th March 2019 Сapital Cash at hand 18,000 70,000 2,400 900 Discount allowed Salaries Sales 1,300 47,200 36,000 Accounts payable Land & Buildings Furniture Bank loan Plant & Machinery 50,000 18,000 20,000 22,000 25,000 Accounts Receivables Discount received 1,500 2,200 850 Returns outwards Interest paid Bad debts 650 Printing & Stationery Purchases 1,200 32,000 1,800 2,800 176,900 Returns inwards Wages 176,900 Notes to the end year financial Report: (a) The inventory at hand on 30th April 2020 was valued at €29,000 (b) Outstanding Salary was €700 (c) Wages paid in advance to employees was €1,200 (d) Depreciate land & Buildings at 5%, and plant & machinery at €10% p.a using straight line method (e) Write off €1,000 for further Bad debts. (i) Prepare Mina Traders Income Statement (Trading, Profit & Loss Account) for the year ended 30th April 2020 (ii) Prepare A balance sheet for Mina Traders as at 30th April 2020 (iii) With relevant literature explain advance payments also known as prepayments. What accounting concept guided your treatment of the prepaid expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet. (iv) With relevant literature explain outstanding payments also known as accruals. What accounting concept guided your treatment of the accrued expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet.
Transcribed Image Text:The following is the Trial Balance for Mina Traders as at 30th April 2020 Particulars DR. € CR. € Inventory as at 30th March 2019 Сapital Cash at hand 18,000 70,000 2,400 900 Discount allowed Salaries Sales 1,300 47,200 36,000 Accounts payable Land & Buildings Furniture Bank loan Plant & Machinery 50,000 18,000 20,000 22,000 25,000 Accounts Receivables Discount received 1,500 2,200 850 Returns outwards Interest paid Bad debts 650 Printing & Stationery Purchases 1,200 32,000 1,800 2,800 176,900 Returns inwards Wages 176,900 Notes to the end year financial Report: (a) The inventory at hand on 30th April 2020 was valued at €29,000 (b) Outstanding Salary was €700 (c) Wages paid in advance to employees was €1,200 (d) Depreciate land & Buildings at 5%, and plant & machinery at €10% p.a using straight line method (e) Write off €1,000 for further Bad debts. (i) Prepare Mina Traders Income Statement (Trading, Profit & Loss Account) for the year ended 30th April 2020 (ii) Prepare A balance sheet for Mina Traders as at 30th April 2020 (iii) With relevant literature explain advance payments also known as prepayments. What accounting concept guided your treatment of the prepaid expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet. (iv) With relevant literature explain outstanding payments also known as accruals. What accounting concept guided your treatment of the accrued expenses. Demonstrate your answer with reference to your answer to the Income statement and the Balance sheet.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Business/Professional Ethics Directors/Executives…
Business/Professional Ethics Directors/Executives…
Accounting
ISBN:
9781337485913
Author:
BROOKS
Publisher:
Cengage
SEE MORE TEXTBOOKS