Prepare a statement of financial balance sheet, Cost Accounting

The Accountant has also asked for you to assist in preparing the statement of financial position (balance sheet) for the Construction in Building partnership for the year ended 30 June 2011.

Using the trial balance, prepare a statement of financial position (balance sheet) for the partnership as at 30 June 2011. Do NOT use brackets, minus signs or dashes.

Trial balance for Construction in Building for the year ended 30 June 2011

 

Dr £

Cr £



 

Accruals

 

1,100

Prepayments

505

 

Bank

10,230

 

Capital - Shirley

 

33,375

Capital - Ken

 

59,750

Capital - Reeny

 

21,375

Cash

120

 

Closing inventory

23,500


Current account - Shirley

 

55,397

Current account - Ken

 

63,803

Current account - Reeny

 

8,300

Drawings - Shirley

25,870

 

Drawings - Ken

40,000

 

Drawings - Reeny

3,000

 



 

Motor vehicles at cost

69,500

 

Motor vehicles accumulated depreciation

 

22,094

Plant and machinery at cost

114,500

 

Plant and machinery accumulated    

depreciation

 

41,781



 

Allowance for doubtful debts

 

1,500



 

Trade Payables control account

 

18,000




Trade receivables control account

42,000

 



 

VAT


2,750

 

Total

329,225

329,225

Posted Date: 2/16/2013 3:16:59 AM | Location : United States







Related Discussions:- Prepare a statement of financial balance sheet, Assignment Help, Ask Question on Prepare a statement of financial balance sheet, Get Answer, Expert's Help, Prepare a statement of financial balance sheet Discussions

Write discussion on Prepare a statement of financial balance sheet
Your posts are moderated
Related Questions

Example of ABC System Assume an example, such the cost pool for the ordering activity totaled of Ksh.100, 000 and such there were 10,000 orders the cost driver. Therefore all

Wages Department It is accountable for the preparation of the payroll and the payment of wages. The routine will need: a) Analysis of clock cards and verify of overtime aut

The value of un-sold stock. The stock is valued at cost or market price either is lower. Usually, the closing stock is not specified in the trial balance but is specified in adjust

The  basic  principles  of  standard  costing  and  variance  analysis  may  be  adapted  to  the needs of  relatively  new  methods  of  accounting  such  as  activity-based  cost

Effects of differential cost analysis in decision making

specimen of cost sheet

Inventory Management and Control Here the objectives of inventory management are as: 1. To ensure adequate stocks to permit for continuous production/operations, and

Usefulness of Variance Analysis Carefully note that while prices are being charged to production, it can be done at the actual or standard price. For purposes of making varian

Prime Essentials Limited is a small private corporation. The owner plans to approach the bank for an additional loan or a line of credit to facilitate expansion. The company bookke