Accruals and Prepayments_4of4
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Exercise 2.2 Elm,s Trading and Profit & Loss Account for the year ended 37 March 20x7 and Balance Sheet at 3I March2OX7 were as follows' Etm - Trading and Profit & Loss Account ended 3l Matcn' 2OX7 for the Year c 65 000 Sales Cost of Sales Opening stock Purchases l,ess Closing stock Gross profit /ess Expenses 'Wages Rent, rates and insurance Heat and lighr Stationerl' and postage Depreciation Net profit Elrn - Balance Sheet Fixed assets Fixtures and fittings at cost l,ess Accum u lated depreciation Current assets Stock Debtors Bank Current [iabilities Creditors Net current assets Net assets Capita,L account Balanceb/d Add: Net profit /ess Drawings Vages Rent, rates and insurance Purchases Heat and light ,S tatio ne-ny -and -p-os tage B 400 3 500 2 950 955 2 250 at3l M:arcIl-zOXT 2 300 29 100 3L 400 2 150 29 250 35 t50 18 055 17 695 9 000 4 500 4 5oo 5 735 7 17 25 235 15 000 Prepayrnents 750 ro) 2 750 4200 I ZO> 540 oy> r0 235 Required: Prepare an amended Trading and Profit and Loss Account for the year ended 31 March 20){J and Balance Sheet ar 3I March 20XJ , after providing for the following accruals and prepayments. Accruals 600 200 375 BO \ "?V
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Transcript of Accruals and Prepayments_4of4
Exercise 2.2
Elm,s Trading and Profit & Loss Account for the year ended 37 March 20x7
and Balance Sheet at 3I March2OX7 were as follows'
Etm - Trading and Profit & Loss Accountended 3l Matcn' 2OX7
for the Year
c
65 000Sales
Cost of Sales
Opening stockPurchases
l,ess Closing stock
Gross profit
/ess Expenses'Wages
Rent, rates and insuranceHeat and lighrStationerl' and postageDepreciation
Net profit
Elrn - Balance Sheet
Fixed assetsFixtures and fittings at costl,ess Accum u lated depreciation
Current assetsStockDebtorsBank
Current [iabilitiesCreditorsNet current assets
Net assets
Capita,L accountBalanceb/dAdd: Net profit
/ess Drawings
VagesRent, rates and insurancePurchasesHeat and light
,S tatio ne-ny -and -p-os tage
B 400
3 5002 950
9552 250
at3l M:arcIl-zOXT
2 30029 100
3L 4002 150
29 250
35 t50
18 055
17 695
9 0004 500
4 5oo
5 735
717
25 23515 000
Prepayrnents
750
ro)
2 7504200I ZO>
540oy>
r0 235
Required:Prepare an amended Trading and Profit and Loss Account for the year ended31 March 20){J and Balance Sheet ar 3I March 20XJ , after providing for thefollowing accruals and prepayments.
Accruals600200375
BO \ "?V
