Sign In
Not register? Register Now!
Pages:
1 page/≈275 words
Sources:
Check Instructions
Style:
Check Instructions
Subject:
Accounting, Finance, SPSS
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 2.5
Topic:

Trial Balance of Transit Ltd.

Instructions:
This paper is an essay we did in class to prepare for company accounts exercise. It focuses on partnership among other accounts
Content:

Example 1

Just before you launch yourself into the question that follows remember that everything you have learnt about double entry bookkeeping and the presentation of year end accounts is valid in the context of companies, subject only to the points we have added in this session.

The following is the trial balance of Transit Ltd at 31 March 2008.

Issued share capital (ordinary shares of Sh1 each)

Leasehold properties, at cost

Motor vans, at cost (used for distribution)

Provision for depreciation on motor vans to 31 March 2007

Administration expenses

Distribution expenses

Stock, 31 March 2007

Purchases

Sales

Directors’ remuneration (administrative)

Rents receivable

Investments at cost

Investment income

7% Debentures

Debenture interest

Bank interest

Bank overdraft

Debtors and creditors

Interim dividend paid

Profit and loss account, 31 March 2007

Sh

75,000

2,500

7,650

10,000

12,000

138,750

25,000

6,750

1,050

162

31,000

1,260

311,122

Sh

42,000

1,000

206,500

3,600

340

15,000

730

24,100

17,852

311,122

You ascertain the following:

All the motor vans were purchased on 1 April 2005. Depreciation has been, and is to be, provided at the rate of 20% per annum on cost from the date of purchase to the date of sale. On 31 March 2008 one van, which had cost Sh900, was sold for Sh550, as part settlement of the price of Sh800 of a new van, but no entries with regard to these transactions were made in the books.

The estimated corporation tax liability for the year to 31 March 2008 is Sh12,700.

It is propose

Get the Whole Paper!
Do you need a custom essay? Order right now:
icon

Non-Profit Making Organizations

by wanyama reg 1 pages uploaded: 2023-04-03 15:26:00
Exam
Accounting, Finance, SPSS
Need a Custom Essay Written?
First time 15% Discount!