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    The Following Trial Balance Has Been Extracted From The Ledger

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    Bube Kachevska
    The document provides a trial balance extracted from the ledger of Andrea Howell, a sole trader, as of May 31, 20X3. It includes additional financial information as of that date, such as inventory values, depreciation amounts, accrued wages and other expenses, provisions for bad debts, and goods withdrawn for personal use. The question asks to prepare Mrs. Howell's statement of profit and loss for the year ended May 31, 20X3 and her statement of financial position as of May 31, 20X3 based on the information provided.

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    The Following Trial Balance Has Been Extracted From The Ledger

    Uploaded by

    Bube Kachevska
    341 views1 page
    The document provides a trial balance extracted from the ledger of Andrea Howell, a sole trader, as of May 31, 20X3. It includes additional financial information as of that date, such as inventory values, depreciation amounts, accrued wages and other expenses, provisions for bad debts, and goods withdrawn for personal use. The question asks to prepare Mrs. Howell's statement of profit and loss for the year ended May 31, 20X3 and her statement of financial position as of May 31, 20X3 based on the information provided.

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    The Following Trial Balance Has Been Extracted From the Ledger

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    The Following Trial Balance Has Been Extracted From the Ledger

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    The document provides a trial balance extracted from the ledger of Andrea Howell, a sole trader, as of May 31, 20X3. It includes additional financial information as of that date, such as inventory values, depreciation amounts, accrued wages and other expenses, provisions for bad debts, and goods withdrawn for personal use. The question asks to prepare Mrs. Howell's statement of profit and loss for the year ended May 31, 20X3 and her statement of financial position as of May 31, 20X3 based on the information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    341 views1 page

    The Following Trial Balance Has Been Extracted From The Ledger

    Uploaded by

    Bube Kachevska
    The document provides a trial balance extracted from the ledger of Andrea Howell, a sole trader, as of May 31, 20X3. It includes additional financial information as of that date, such as inventory values, depreciation amounts, accrued wages and other expenses, provisions for bad debts, and goods withdrawn for personal use. The question asks to prepare Mrs. Howell's statement of profit and loss for the year ended May 31, 20X3 and her statement of financial position as of May 31, 20X3 based on the information provided.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    The following trial balance has been extracted from the

    ledger #8203
    The following trial balance has been extracted from the ledger of Andrea Howell, a sole trader,
    as at 31 May 20X3, the end of her most recent financial year.The following additional
    information as at 31 May 20X3 is available:1. Inventories as at the close of business were
    valued at £25,900.2. Depreciation for the year ended 31 May 20X3 has yet to be provided as
    follows:Property: 1 per cent using the straight-line method.Equipment: 15 per cent using the
    straight-line method.3. Wages and salaries are accrued by £140.4. 'Other operating expenses'
    include certain expenses prepaid by £500. Other expenses included under this heading are
    accrued by £200.5. The provision for bad debts is to be adjusted so that it is 0.5 per cent of
    trade receivables as at 31 May 20X3.6. 'Purchases' include goods valued at £1,040 that were
    withdrawn by Mrs Howell for her own personal use.RequiredPrepare Mrs Howell's statement of
    profit and loss for the year ended 31 May 20X3 and her statement of financial position as at 31
    May 20X3.View Solution:
    The following trial balance has been extracted from the ledger

    ANSWER
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