Question

3.18 M. Duncan had the following assets and liabilities on 1 January 1988: Cash in hand $1 465 Debtors: L. Layne 360 S. Ali 475 Bank overdraft 3 360 Creditors: E. Best 1 423 560 M. Frank Stock 4 590 7 400 Equipment Motor vehicles 14 500 5 300 Furniture and fittings (c) Prepare the trial balance, trading and profit and loss accounts for the month ended 31 January 1988, and a balance sheet at that date. Jan. 1 L. Layne settled his account by cheque less 5% settlement discount 2 Paid rent by cheque $550 3 Cash sales $3045 Received an invoice from E. Best $3400 less 20% trade discount 5 Sold goods on credit to L. Layne $2200 6 Paid M. Frank the balance owing on 1 January by cheque, less 5% settle. ment discount 7 Cash sales $3695. Deposited $3500 into bank 8 Received a credit note from E. Best $450 (list price). Goods were pur- chased on 4 January 8 Cash purchases $3000 9 Received an invoice from M. Franlk $4000 less 25% trade discount 10 Sent a cheque to E. Best $1500 11 Paid insurance $400 by cheque 12 Received $800 cash from L. Layne 13 Bought goods on credit from T. Mohammed $2000 less 10% trade 14 Paid electricity $425 by cash 15 Paid warehouse wages $450 by 16 Paid telephone expenses $325 by 17 Cash sales $3690 18 Paid for postage stamps $25 cash 19 Deposited $3000 into bank 20 Bought equipment $4000 from Z&R Supplies, paying $1500 by cheque The balance is to be paid in 30 days 21 Sent an invoice to L. Layne $4930 22 Received an invoice from M. Frank $1200 23 Paid general expenses $430 by cash 24 Sent a credit note to L. Layne S180 25 Duncan withdrew $300 for his 26 Received a credit note from M. Frank $500 27 Withdrew $125 cash from bank for office use 28 Paid warehouse wages $450 and salaries $650, both by cheque 29 Sent a cheque to M. Frank $500 30 Received $700 cash from L. Layne 31 Closing stock was valued at $3983

Answer 1

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