N4 Introductory Financial Accounting | Student Book Activity 9.11
1. Use the balances and totals from the given Trial Balance in the General Ledger of Allie Wholesalers. Complete the following accounts only: Capital, Drawing and Inventory.
2. Close off all the nominal accounts to the Trading account and the Profit and Loss account s. 3. Post the net profit/loss to the Capital account. 4. Close the Drawings account. 5. Balance all the necessary accounts. 6. Use the given balances and totals to compile a Statement of Profit or Loss for Allie Wholesalers on 31 January 20.8.
7. Use the given balances and totals to compile the Statement of Financial Position for Allie Wholesalers on 31 January 20.8.
Information Trial Balance of Allie Wholesalers on 31 January 20.8
DEBIT
BALANCE SHEET ACCOUNTS SECTION Capital
Drawings
Land and Buildings Vehicles
Equipment
Trading Inventory (01/02/20.7) Trade Receivables Control Bank
Petty Cash Cash Float Savings
Trade Payables Control Mortgage Bond
NOMINAL ACCOUNTS SECTION Sales
Purchases
Carriage on Purchases Rent income
Commission income Donation income Wages
Insurance Advertising Salaries
Customs Duty Import Taxes Stationery
B1 B2 B3 B4 B5 B6 B7 B8 B9
B10 B11 B12 B13
N1 N2 N3 N4 N5 N6 N7 N8 N9
N10 N11 N12 N13
9 310 00
314 800 00 49 110 00 21 494 00 41 625 00 17 613 00
34 378 00
1 100 00 1 440 00 5 600 00
19 871 00 76 000 00
141 676 00
83 276 00 2 340 00
29 000 00 470 00
1 400 00 23 610 00 9 307 00 6 104 00 35 600 00 3 121 00 2 145 00
11 400 00 640 395 00 640 395 00
Additional information The trading inventory was valued at R52 104 after a physical inventory count was done at the end of the financial year.
178 CREDIT 339 000 00
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