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  3. The following ledger balances are extracted from the books of White Trading Comp

The following ledger balances are extracted from the books of White Trading Comp

游客2025-06-21  25
问题 The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003:
＄
Bad debts 750
Bank overdraft 1,650
Capital 100,000
Carriage inwards 3,500
Carriage outwards 1,400
Creditors 18,500
Debenture interest 900
Debtors 12,500
Discounts allowed 1,300
Discounts received 1,500
Drawings 24,900
Equipment (at cost) 150,000
Insurance 1,000
Lighting 5,000
Motor Van 40,000
Provision for bad debts 1,100
Provision for depreciation
—Equipment 90,000
—Motor Van 18,000
Purchases 1,000,000
Rent & rates 110,000
Salaries and wages 210,000
Sales 1,400,000
Stock 1 January 2003 90,000
Returns inwards 13,000
Returns outwards 13,500
9% 1998-2008 10-year Debenture 20,000
Additional information relevant to the year ended 31 December 2003 is as follows:
1. Closing stock at 31 December 2003 ＄115,000
2. Accrued wages ＄20,000
3. Prepaid insurance ＄200
4. Outstanding telephone bill ＄200
5. Outstanding rent ＄10,000
6. Removal expenses of ＄950 are still outstanding because of dispute and they have not yet been entered into the accounting records.
7. The depreciation policy is:
(a)Equipment reducing balance method at 5% p.a
(b)Motor Van: 25% p.a on cost
8. It is a policy to make a provision for bad debts at 4% of outstanding debtors on the balance sheet date.
Required:
Prepare the Trading and Profit and Loss Account for the year ended 31 December 2003.
选项
答案 White Trading Company
Trading and Profit and Loss Account for the year ended 31 December 2003
＄ ＄ ＄
Sales 1,400,000
Less: Returns inwards 13,000 1,387,000
Less: Cost of goods sold
Opening stock 90,000
Purchases 1,000,000
Add: Carriage inwards 3,500
Less: Returns outwards (13,500) 990,000
1,080,000
Less: Closing stock 115,000 965,000
Gross Profit 422,000
Other revenues:
Discounts received 1,500
Bad debts recovery 950
424,450
Less: Expenses
Salaries and wages 230,000
(210,000 + 20,000)
Rent & rates 120,000
(110,000 + 10,000)
Lighting 5,000
Insurance (1,000 - 200) 800
Removal expenses 950
Bank services charges 160
Telephone 200
Discount allowed 1,300
Carriage outwards 1,400
Bad debts (750 + 25,000 × 650
- 1,100)
Debenture interest 2,700
(900 + 20,000 × 9%)
Depreciation-equipment 3,000 366,160
(150,000 - 90,000)×5%
Net Profit 58,290
解析
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