BUS10250 Financial Accounting Semester B 2019/2020

Written Assignment 1

Question 1

The trial balance below for Albert Company is wrong. Redraft a corrected balance for
Albert Company as at 31 March 20x5.

Albert Company
Trial Balance as at 31 March 20x5
Dr Cr
$ $
Cash in hand 4,800
Cash at bank 1,600
Purchases 5,600
Sales 10,752
Drawings 160
Debtors 320
Creditors 272
Buildings 20,480
Salaries and wages 2,064
Capital 24,000

Question 2

K F started trading on 1.1.20x5. Below is the trial balance of K F as at 31

December 20x5.

Trial Balance as at 31 December 20x5

Dr Cr
$ $
Sales 134,370
Purchases 106,470
Salaries 15,648
General expenses 3,780
Insurance 4,878
Stationery 810
Motor vehicle expenses 762
Building (assets) 10,920
Motor vehicles (assets) 8,700
Equipment (assets) 7,800
Debtors (assets) 6,390
Creditors (liabilities) 11,190
Cash at bank (assets) 12,036
Cash in hand (assets) 300
Drawings (capital) 6,510
Capital ________ 39,444
185,004 185,004

Stock at 31 December 20x5 was $18,540 (assets)

Required: Prepare the income statement for K F for the year ended 31
December 20x5 and a balance Sheet as at 31 December 20x5
1
Netprofit+