By S. Hall, N. Skene Smith
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Additional info for Accounting Principles and Practice. The Commonwealth and International Library: Commerce, Economics and...
Bloom 30 June 30 „ P. & L. A/c , Provision c/d 180 £280 Cr. £ 260 20 £280 July 1 „ Provisions b/d 180 Notes: 1. A. Rose owed £210. He paid £140 and consequently the amount written off was £70. This is not affected by the FINAL ACCOUNTS 41 provision brought forward, £105 of which related specifically to A. Rose. 2. Details of the calculations of the provisions are not included in the accounts where they would only serve to mislead. Once the provisions have been determined, the make-up of the figures does not affect the subsequent accounting.
1962 7,160 Market Value of Production 100,000 By Sales £ 131,210 £107,160 Less Stock of Finished Goods, 31st. D e c , 1962 Gross Profit on Trading 8,190 98,970 32,240 £131,210 The credit side of the Profit & Loss Account will be By Gross Profit on Manufacturing Gross Profit on Trading £131,210 14,460 32,240 £46,700 This gives the same total for the account and therefore the same Net Profit. 53 FINAL ACCOUNTS QUESTIONS 2 1. •The following Trial Balance of a sole trader, although it adds up to the same total on both sides, is incorrect: Trial Balance at 30th June, 1962 Capital, 1st July, 1961 Drawings Stock, 1st July, 1961 Purchases Sales Wages and Salaries Lighting and Heating Equipment Carriage Outwards Returns Inwards Returns Outwards Provision for Bad Debts Discount Allowed Discount Received Rent, Rates & Insurance Motor Vehicles Cash in Hand Sundry Creditors Sundry Debtors Bank Overdraft Dr, Cr.
The Balance Sheet only balances because the Double Entry System incorporates both principles. Note that no entry is made in the Real and Personal Accounts recording the transfers to the Balance Sheet. The balances on these accounts are summarised in the Balance Sheet; they are not transferred to it. The difference is vital. The balances remain in the respective accounts for the beginning of the following period. The Cash Balance at the close of one period is the balance at the beginning of the next.
Accounting Principles and Practice. The Commonwealth and International Library: Commerce, Economics and... by S. Hall, N. Skene Smith