Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 3. following is the trial balance of mercy trading

3. Following is the trial balance of Mercy Trading: Credit RM 11,600 355 Trial Balance...

60.1K

Verified Solution

Question

Accounting

image

3. Following is the trial balance of Mercy Trading: Credit RM 11,600 355 Trial Balance as on 31 May 2021 Debit RM Capital Drawings 2.556 Cash at bank 2.311 Cash in hand 226 Debtors 234 Creditors Inventory as at 1 June 2020 540 Motor van 2.437 Office equipment 564 Sales Purchases 10, 676 Return inwards 1,352 Carriage inwards 1,400 Return outwards Carriage outwards 500 Motor Expenses 6,217 Rent 4,576 Telephone charges 220 Wages and salaries 2,150 Insurance 342 Office expenses 543 Sundry expenses 981 25,347 523 37,825 37,825 Additional Information: Inventory as at 31 May 2021 was RM3,298 Wages and salaries outstanding is RM1, 322 Rent accrued is RM320. Telephone bills are yet to be paid of RM211. You are required to: a. Prepare a trading and profit and loss account for the year ended 31 May 2021. (10 Marks) b. Prepare a balance sheet, as at 31 May 2021. (20 Marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Use the method of variation of parameters to find a particular solution of the given differential...

Advance Math
Q

Oxidative phosphorylation is the result of which two combined processes A glycolysis and electron transport...

Biology
Q

A shipping company charges fees according to the weight of a package Prices follow the...

Geometry
Q

wooden artifact from an ancient tomb contains 60 percent of the carbon 14 that is...

Basic Math
Q

Question 5 Given positive integers n and m how many sequences a1 a2 an of...

Basic Math
Q

A 50 cm long candle burns at the rate of 40 mm every 45 minutes...

Calculus
Q

Given the table of values below find the average rate of change of the function...

Calculus
Q

REI sells snowboards. Assume the following information relates to REl's purchases of snowboards...

Accounting
Q

If a company had a beginning balance of $69,000 on its statement of...

Accounting
Q

Seemos sells winter boots for stylish women....

Accounting
Q

4. Taxpayer T("T") owned a passive investment which generated a $15,000 loss during the year....

Accounting
Q

On January 1, a business issues $100,000 face value, 5 year, 10% contract rate bonds...

Accounting