Prepare an income statement, Cost Accounting

Mrs. M. Botham is a sole trader, selling a variety of fashionable clothing materials. Her business year end is 31 December 2011.

You have been given the following trial balance for the year ended 31 December 2011 with all the relevant year-end adjustments already included.

(a) Prepare an income statement the business for the year ended 31 December 2011.   

Mrs Botham trading as Fashionable Clothing Material

Trial balance as at 31 December 2011

 

Dr
£

Cr
£

Accruals

 

1,000

Bank

2,000

 

Capital

 

11,750

Closing inventory

15,250

15,250

Depreciation charge

3,450

 

Discounts allowed

3,300

 

Drawings

17,750

 

Rent and rates

Travelling expenses

Insurance

Telephone

11,250

8,210

2,750

650

 

Heating and lighting

Plant and machinery at cost

1,850

19,500

 

Plant and machinery accumulated depreciation

 

 

8,390

Opening inventory

16,070

 

Prepayments

1,450

 

Purchases

114,580

 

Purchases returns

Purchases ledger control account

 

440

12,330

Advertising

11,810

 

Sales

 

214,740

Sales returns

Sales ledger control account

600

16,750

 

VAT

 

1,720

Wages

18,400

 

 

265,620

265,620

Posted Date: 2/16/2013 3:12:20 AM | Location : United States







Related Discussions:- Prepare an income statement, Assignment Help, Ask Question on Prepare an income statement, Get Answer, Expert's Help, Prepare an income statement Discussions

Write discussion on Prepare an income statement
Your posts are moderated
Related Questions
prepare cost accounting sheet

Ed Mettway was concerned about his firm''s ability to acquire the necessary property, plant, and equipment to take advantage of steadily increasing sales. Touring Enterprises, esta


Weighted Average Method This way is a perpetual weighted average system whereas the issue price is recalculated after one of receipt of stocks taking into accounts both money

Tlie subphylum is called Uniramia because of the presence of unbranched appendages. These animals have non-jointed mandibles, uubranched appendages without any palps. They have

Requirements of Uniform Costing 1. Uniform costing systems must process the given features as: 2. Cost reports and statements should be organized and laid out in a same for

Manson Manufacturing applies manufacturing overhead at a rate of $30 per direct labour hour a)when during the year was this rate computed b)Describe briefly how this rate was


Vorticella can first be seen by the naked eye, b.ut to study it place a prepared slide under the microscope. Focus it under low power, and observe it. You can see a large number of

the features and scopes of job costing