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







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