N4 Introductory Financial Accounting | Student Book 9.2 Final accounts and closing procedure


Example 1. Use the balances and totals from the given Trial Balance to complete the following General Ledger accounts only: Capital, Drawings, Trading inventory and all the nominal accounts.


2. Close off all the nominal accounts to the Trading account and the Profit and Loss account. 3. Balance all the necessary accounts.


Trial Balance of Smile Traders – 31 May 20.2 DEBIT


Balance Sheet section Capital


Drawings Vehicles


Equipment


Inventory (01/06/20.1) Bank


Trade Receivables Control Trade Payables Control Loan: AZ Bank


Nominal accounts section Sales


Purchases


Carriage on Purchases Rent received Telephone Stationery Wages


Water and Electricity Insurance


Custom Duty Commission income


B1 B2 B3 B4 B5 B6 B7 B8 B9


N1 N2 N3 N4 N5 N6 N7 N8 N9


N10 N11


CREDIT 120 000 2 260


90 000 13 000 62 128 14 550 11 889


8 249 50 000 43 526


23 753 221


1 139


559 116 667


3 237 1 174 160


800 223 714 223 714


Additional information According to a physical inventory take on 31 May 20.2, inventory-on-hand was valued at R62 639.


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