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  3. The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003: ＄ Bad debts 750 Bank

The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003: ＄ Bad debts 750 Bank

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问题 The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003:
＄
Bad debts 750
Bank overdraft 1,650
Capital 100,000
Carriage inwards 3,500
Carriage outwards 1,400
Creditors 18,500
Debenture interest 900
Debtors 12,500
Discounts allowed 1,300
Discounts received 1,500
Drawings 24,900
Equipment (at cost) 150,000
Insurance 1,000
Lighting 5,000
Motor Van 40,000
Provision for bad debts 1,100
Provision for depreciation
—Equipment 90,000
—Motor Van 18,000
Purchases 1,000,000
Rent & rates 110,000
Salaries and wages 210,000
Sales 1,400,000
Stock 1 January 2003 90,000
Returns inwards 13,000
Returns outwards 13,500
9% 1998-2008 10-year Debenture 20,000
Additional information relevant to the year ended 31 December 2003 is as follows:
1. Closing stock at 31 December 2003 ＄115,000
2. Accrued wages ＄20,000
3. Prepaid insurance ＄200
4. Outstanding telephone bill ＄200
5. Outstanding rent ＄10,000
6. Removal expenses of ＄950 are still outstanding because of dispute and they have not yet been entered into the accounting records.
7. The depreciation policy is:
(a)Equipment reducing balance method at 5% p.a
(b)Motor Van: 25% p.a on cost
8. It is a policy to make a provision for bad debts at 4% of outstanding debtors on the balance sheet date.
Required:
Prepare the Trading and Profit and Loss Account for the year ended 31 December 2003.
选项
答案White Trading Company Trading and Profit and Loss Account for the year ended 31 December 2003 ＄ ＄ ＄ Sales 1,400,000 Less: Returns inwards 13,000 1,387,000 Less: Cost of goods sold Opening stock 90,000 Purchases 1,000,000 Add: Carriage inwards 3,500 Less: Returns outwards (13,500) 990,000 1,080,000 Less: Closing stock 115,000 965,000 Gross Profit 422,000 Other revenues: Discounts received 1,500 Bad debts recovery 950 424,450 Less: Expenses Salaries and wages 230,000 (210,000 + 20,000) Rent & rates 120,000 (110,000 + 10,000) Lighting 5,000 Insurance (1,000 - 200) 800 Removal expenses 950 Bank services charges 160 Telephone 200 Discount allowed 1,300 Carriage outwards 1,400 Bad debts (750 + 25,000 × 650 - 1,100) Debenture interest 2,700 (900 + 20,000 × 9%) Depreciation-equipment 3,000 366,160 (150,000 - 90,000)×5% Net Profit 58,290
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