By S. Hall, N. Skene Smith
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Extra info for Accounting Principles and Practice. The Commonwealth and International Library: Commerce, Economics and...
Two mistakes will affect the Final Accounts: (1) The charge in the Profit & Loss Account is too Uttle and consequently the Net Profit will be overstated. (2) The Balance Sheet will not include the Uability of £300 for Rent due at 31st December. No balance for that amount appears in the ledger. The mistakes are corrected together by the insertion of a credit balance for the amount accrued. Dr, Rent Account 1962 £ 1962 Api. 3 To Cash 300 June 30 „ „ 300 Oct. 4 „ „ 300 Dec. 31 Amount Accrued c/d 300 Dec.
L. A/c Cr. £ 30 Dr, 1962 Mar. 31 To Motor Van Dr, 1962 Feb. 9 To J. Rosewall Mar. 18 »» »» 31 „ F. & L. A/c FINAL ACCOUNTS 25 Depreciation Account £ 1962 40 Mar. 31 By P. & L. A/c Cr, £ 40 By Α. Booth ,. Salt Cr. £ 15 50 Discount Account £ 1962 10 Feb. 6 25 Mar. 26 30 £65 £65 Dr. 1962 Mar. 31 Cr. Stock Account £ To Trading Account 640 Trading and Profit & Loss Account for the 3 months ending 31st March, 1962 £ £ 1,650 By Sales To Purchases 40 Less Returns 1,610 „ Gross Profit carried „ Stock, down 590 31st March, 1962 Dr, £2,200 To „ „ „ „ Rent Wages Bad Debts Depreciation Net Profit 150 164 30 40 236 £620 Cr, £ 1,560 640 £2,200 By Gross Profit brought down „ Discount 590 30 £620 For every item except stock, the Double Entry is complete within the Nominal Accounts and the Trading and Profit & Loss Account.
3. ) 54 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E £ 7,163 £ Capital, 1st July, 1961 Stock, 1st July, 1961 Purchases Sales Warehouse Wages Office Salaries Traveller's Salary and Commission Customs Duty on Imported Purchases Carriage Outwards Returns Inward Returns Outward Rent, Rates and Insurance Fixtures and Fittings Discount Allowed Discount Received Sundry Debtors Sundry Creditors Drawings General Expenses Balance at Bank Cash in Hand Carriage and Freight Inwards Provision for Bad Debts 2,795 32,329 43,237 1,625 1,927 1,425 317 432 218 74 2,170 900 315 284 5,132 2,390 1,200 496 1,321 115 468 37 £53,185 £53,185 You are required to draw up Macarthy's Trading and Profit & Loss Account for the year ended 30th June, 1962, and his Balance Sheet as at 30th June, 1962, taking into account the following: (a) On 30th June, 1962, his unsold stock was valued at £4,385.