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
The number of workdays varies from month to month due to the number of weekdays, holidays, days of vacation, and sick leave taken in the month. The number of units produced in a mo

Support Department Cost Allocations. Riverside Furniture Company manufactures unfinished furniture for sale to retailers. Riverside has two support departments, Maintenance and Hu

During the dinner hour, the distribution of the inter-arrival time of customers at Burger Barn is predictable to be as follows: Inter-arrival Time Probabi


P1 Given the following data:   German Bond U.S. T- Bonds

Overhead Absorption Absorption of overheads refers to the sharing out of overhead costs to the some cost centers such used the overheads. This is utilized when the overheads c

The following information relates to Araceli Manufacturing Company: total estimated manufacturing overhead cost at beginning of year $864,000 predetermined overhead rate (based

Overhead Variances This explains how the variable overhead total variance and the fixed overhead total variances calculated. You can recall the overheads refer to production c

Bottoms Up company produces high quality sports equipment. the companie''s racket division manufactures three tennis rackets- the Standard, Deluxe and the Pro that are widely used

Nieland Industries had one patent recorded on its books as of January 1, 2014. This patent had a book value of $288,000 and a remaining useful life of 8 years. During 2014, Nieland