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11. Kinsealy started a new business on 1 January 2019. The following transactions took place during his first month in business 2019 01-Jan 02-Jan 03-Jan 05-Jan 06-Jan 14-Jan 18-Jan 21-Jan 21-Jan 24-Jan 30-Jan 31-Jan 31-Jan Kinsealy commenced business with 90,000 in cash which he banked. Kinsealy paid 600 in advance for rates for the three months ending 31 March 2019. He bought a van on credit from Jenkin's garage for 12,000. Kinsealy rented shop premises for 1,500 per month, and paid the rent for January. He bought goods on credit from Janus Ltd for 28,400. He paid shop expenses amounting to 3,600. He sold goods on credit to Edward and Company for 14,600. He settled his account with Jenkin's garage, paying them cash for the full amounts owing. Kinsealy also received payment of 9,400 from Edward and Company. Kinsealy paid 6,300 to Janus Ltd. Goods costing 5,800 were purchased from Janus Ltd on credit. Cash sales for the month amounted to 15,000. Kinsealy's energy usage for the month came to 120, which will be paid in the middle of February Required: a) Write up the business's nominal ledger (t-accounts) for January 2019. (37 marks) b) c) Extract a trial balance at 31 January 2019. (12 marks) Prepare a Statement of Profit and Loss for the month ending 31 January 2019 and a Statement of Financial Position at 31 January 2019, given Kinsealy's inventory at 31 January 2019 was valued at 17,900. (31 marks) d) Explain the nature of the accruals concept and the matching concept, giving examples. (20 marks) (Overall Total Q11: 100 marks) 11. Kinsealy started a new business on 1 January 2019. The following transactions took place during his first month in business 2019 01-Jan 02-Jan 03-Jan 05-Jan 06-Jan 14-Jan 18-Jan 21-Jan 21-Jan 24-Jan 30-Jan 31-Jan 31-Jan Kinsealy commenced business with 90,000 in cash which he banked. Kinsealy paid 600 in advance for rates for the three months ending 31 March 2019. He bought a van on credit from Jenkin's garage for 12,000. Kinsealy rented shop premises for 1,500 per month, and paid the rent for January. He bought goods on credit from Janus Ltd for 28,400. He paid shop expenses amounting to 3,600. He sold goods on credit to Edward and Company for 14,600. He settled his account with Jenkin's garage, paying them cash for the full amounts owing. Kinsealy also received payment of 9,400 from Edward and Company. Kinsealy paid 6,300 to Janus Ltd. Goods costing 5,800 were purchased from Janus Ltd on credit. Cash sales for the month amounted to 15,000. Kinsealy's energy usage for the month came to 120, which will be paid in the middle of February Required: a) Write up the business's nominal ledger (t-accounts) for January 2019. (37 marks) b) c) Extract a trial balance at 31 January 2019. (12 marks) Prepare a Statement of Profit and Loss for the month ending 31 January 2019 and a Statement of Financial Position at 31 January 2019, given Kinsealy's inventory at 31 January 2019 was valued at 17,900. (31 marks) d) Explain the nature of the accruals concept and the matching concept, giving examples. (20 marks) (Overall Total Q11: 100 marks)

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