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Evaluate the stock of unused petrol

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Question: The following Trial Balance was extracted from the books of Jackson trader, at 31st March, 1961.

1905_Drawings.png

The following matters are to be taken into account:

(a) The Stock in Trade at 31st March, 1961 was valued at £5,040.

(b) Salaries accrued at 31st March, 1961 amounted to £840 and Rent accrued, £250.

(c) Insurances paid in advance at 31st March, 1961 amounted to £30.

(d) The provision for doubtful debts is to be increased to £250.

(e) The stock of unused Petrol at 31st March, 1961 was valued at £25.

(f) The balance of £1,250 on Motor Vans Account was made up as follows:

954_1960.png

Provide for the depreciation on the new van at the rate of 20% per annum on cost. You are required to prepare a Trading and Profit & Loss Account for the year to 31st March, 1961 and a Balance Sheet as at that date.

Reference no: EM131536549

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