FINAL ACCOUNTS for trading organisations assignment

The trial balance below was extracted from the books of NABIMANYA RETAILERS as at December 31^st 2016.

NABIMANYA RETAILERS

TRIAL BALANCE

AS AT DECEMBEER 31^st 2016

PARTICULARS

DR (SHS)

CR(SHS)

Purchases and sales

Stock Jan 1^st, 2016

Returns

Drawings

Motor vehicle

Furniture

Motor expenses

Debtors and creditors

Electricity

Discounts

Bad debts written off

Commission received

Provision for bad debts

Cash balance

Bank balance

Capital

7,950,000

2,550,000

300,000

600,000

12,000,000

3,000,000

900,000

4,500,000

450,000

540,000

360,000

3,750,000

14,550,000

450,000

6,750,000

660,000

1,050,000

390,000

3,000,000

10,050,000

36,900,000

Additional Notes:

Closing stock was valued at shs 1,900,000
Commission income due and not yet received shs 150,000
Charge a provision of 3% on debtors for bad and doubtful debts.
Depreciate all fixed assets by 10% on cost

Required:

Trading, Profit and Loss account for the year ended using the Vertical format.
Balance sheet as at that date.

The following is Udide’s trial balance is prepared ‘on 31^st/12/1994.

Trial balance as at 31^st.12.94

Details Dr (shs) Cr (shs)

Drawings 6,000

Capital 87,300

Debtors/Creditors 20,000 18,000

Machinery 46,000

Furniture 34,000

Purchases/Sales 78,000 92,000

Cash 6,500

Bank 10,000

Stock (1.1.94) 10,000

Commission received 4,000

Returns 2,000 4,000

Discounts 3,600 2,600

Carriage on purchases 1,000

Rent 4,000

Insurance 2,400

Wages and salaries 3,300

Motorvan 10,000

Provision for bad debts 1,300

Bad debts 2,000

Bank loan (10 years) 29,000

238,200 238,200

Additional information

Depreciate machinery by 5% and furniture by 10%
Provision for bad debts is be maintained at 5% of debtors
Insurance amounting to shs 400 was prepaid
Rent accrued was shs 500
Commission received shs 1,500 was an advance
Stock on 31.12.94 was valued at shs 15,000

Required.

Trading and profit and loss account for the year ended 31.12.94
Balance sheet as at that date

Use the trail balance below which related to SAKUMUNA & Company Ltd for the year ending 31-12-2007 to prepare an income statement and a balance sheet.

Details	DR (shs)	CR(shs)
Capital		1,000,000
Purchases	400,000
Fixtures	85,000
Vehicle	250,000
Sales		650,000
Discounts	500	450
Rent	15,500
Rent income		550
Insurance	35,400
Transport	28,100
Electricity	2,500
Debtors	250,000
Creditors		84,450
Rates	1,500
Stock (01-01-2007)	38,000
Salaries	22,000
Bad debts	4,400
Drawings	1,500
Bank balance	590,000
Cash balance	11,050
Totals	1,735,450	1,735,450

The following additional information was obtained

Depreciation is provided at 2% p.a on fixtures and 5% on vehicles , but it had not been provided for.
Un sold stock by the end of the year was valued at shs. 22,000
Shs. 200 of electricity was paid for in advance and Shs. 100 for rates was prepaid.
Shs. 1,600 in respect of insurance was owing.