Record the exchanges in books of records

Reference no: EM13904037

One of your customers, X has approached you to finish his records for the year finished March 31, 2009. Till date, he himself has recorded the exchanges in books of records. As a premise for review, X outfitted you with the accompanying proclamation.

Dr. Balance

Cr. Balance

X’s Capital

1,556

X’s Drawings

564

Leasehold premises

750

Sales

2,750

Due from customers

530

Purchases

1,259

Purchases return

264

Loan from bank

256

Creditors

528

Trade expenses

700

Cash at bank

226

Bills payable

100

Salaries and wages

600

Stock (1.4.2008)

264

Rent and rates

463

Sales return

5,454

The end stock on March 31, 2009 was esteemed at Rs. 574. X guarantees that he has recorded each exchange accurately as the trial parity is tallied. Check the exactness of the above trial equalization.

Reference no: EM13904037

Questions Cloud

What is the income statement : What is the income statement?

What is an accounting period : What is an accounting period?

What are income statement accounts : What are income statement accounts?

What are balance sheet accounts : What are balance sheet accounts?

Record the exchanges in books of records : One of your customers, X has approached you to finish his records for the year finished March 31, 2009. Till date, he himself has recorded the exchanges in books of records.

What is a liability account : What is a liability account?

What is the statement of cash flows? : What is the statement of cash flows?

What are operating expenses : What are operating expenses?

What is the difference between revenues and receipts : What is the difference between revenues and receipts?

User Account

All Pages