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Unit 22-Adjustments to Financial Statements Q. 22/3 B. Vella is a sole proprietor is a dealer in sports wear. His financial year runs The following is his Trial Balance on 31st to 31st December each year. December 2006. Trial Balance as at 31st December 2006 Q. 2. Bern follow Dece € € 6,000 Shop Fittings (at cost) Accumulated Depreciation on Shop Fittings 1,200 26,400 Trade Receivables 594 Discount received 60,000 Buildings 1,440 Purchases Returns 516 Carriage on Purchases 660 Insurance 6,000 Office salaries and expenses 5,766 Trade Payables 16,800 Drawings 74,160 Sales Lighting and Heating 3,234 Inventory 1st January 2006 5,640 Discount allowed 372 Purchases 42,840 Capital 88,236 Rent Bank 2,160 1,494 Allowance for Doubtful Debts 720 172,116 172,116 Notes at 31st December 2006: a) Inventory as at 31st December 2006 amounts to €6,180 b) Rent prepaid amounts to €150. c) Lighting and Heating outstanding €80. d) Depreciation on Shop Fittings is calculated at 10% per annum (Reducing Balance Method). There is no depreciation on Buildings. e) Allowance for Doubtful Debts is to be increased by €80. December 2006 and a Statement of Financial Position as at that date taking You are required to draw up an Income Statement for the year ended 31st into consideration the notes at the end of the year. Yo 04

Unit 22-Adjustments to Financial Statements Q. 22/3 B. Vella is a sole proprietor is a dealer in sports wear. His financial year runs The following is his Trial Balance on 31st to 31st December each year. December 2006. Trial Balance as at 31st December 2006 Q. 2. Bern follow Dece € € 6,000 Shop Fittings (at cost) Accumulated Depreciation on Shop Fittings 1,200 26,400 Trade Receivables 594 Discount received 60,000 Buildings 1,440 Purchases Returns 516 Carriage on Purchases 660 Insurance 6,000 Office salaries and expenses 5,766 Trade Payables 16,800 Drawings 74,160 Sales Lighting and Heating 3,234 Inventory 1st January 2006 5,640 Discount allowed 372 Purchases 42,840 Capital 88,236 Rent Bank 2,160 1,494 Allowance for Doubtful Debts 720 172,116 172,116 Notes at 31st December 2006: a) Inventory as at 31st December 2006 amounts to €6,180 b) Rent prepaid amounts to €150. c) Lighting and Heating outstanding €80. d) Depreciation on Shop Fittings is calculated at 10% per annum (Reducing Balance Method). There is no depreciation on Buildings. e) Allowance for Doubtful Debts is to be increased by €80. December 2006 and a Statement of Financial Position as at that date taking You are required to draw up an Income Statement for the year ended 31st into consideration the notes at the end of the year. Yo 04

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.10E
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How do I find the depreciation for shop fitting in the statement of financial position

Unit 22-Adjustments to Financial Statements Q. 22/3 B. Vella is a sole proprietor is a dealer in sports wear. His financial year runs The following is his Trial Balance on 31st to 31st December each year. December 2006. Trial Balance as at 31st December 2006 Q. 2. Bern follow Dece € € 6,000 Shop Fittings (at cost) Accumulated Depreciation on Shop Fittings 1,200 26,400 Trade Receivables 594 Discount received 60,000 Buildings 1,440 Purchases Returns 516 Carriage on Purchases 660 Insurance 6,000 Office salaries and expenses 5,766 Trade Payables 16,800 Drawings 74,160 Sales Lighting and Heating 3,234 Inventory 1st January 2006 5,640 Discount allowed 372 Purchases 42,840 Capital 88,236 Rent Bank 2,160 1,494 Allowance for Doubtful Debts 720 172,116 172,116 Notes at 31st December 2006: a) Inventory as at 31st December 2006 amounts to €6,180 b) Rent prepaid amounts to €150. c) Lighting and Heating outstanding €80. d) Depreciation on Shop Fittings is calculated at 10% per annum (Reducing Balance Method). There is no depreciation on Buildings. e) Allowance for Doubtful Debts is to be increased by €80. December 2006 and a Statement of Financial Position as at that date taking You are required to draw up an Income Statement for the year ended 31st into consideration the notes at the end of the year. Yo 04
Transcribed Image Text:Unit 22-Adjustments to Financial Statements Q. 22/3 B. Vella is a sole proprietor is a dealer in sports wear. His financial year runs The following is his Trial Balance on 31st to 31st December each year. December 2006. Trial Balance as at 31st December 2006 Q. 2. Bern follow Dece € € 6,000 Shop Fittings (at cost) Accumulated Depreciation on Shop Fittings 1,200 26,400 Trade Receivables 594 Discount received 60,000 Buildings 1,440 Purchases Returns 516 Carriage on Purchases 660 Insurance 6,000 Office salaries and expenses 5,766 Trade Payables 16,800 Drawings 74,160 Sales Lighting and Heating 3,234 Inventory 1st January 2006 5,640 Discount allowed 372 Purchases 42,840 Capital 88,236 Rent Bank 2,160 1,494 Allowance for Doubtful Debts 720 172,116 172,116 Notes at 31st December 2006: a) Inventory as at 31st December 2006 amounts to €6,180 b) Rent prepaid amounts to €150. c) Lighting and Heating outstanding €80. d) Depreciation on Shop Fittings is calculated at 10% per annum (Reducing Balance Method). There is no depreciation on Buildings. e) Allowance for Doubtful Debts is to be increased by €80. December 2006 and a Statement of Financial Position as at that date taking You are required to draw up an Income Statement for the year ended 31st into consideration the notes at the end of the year. Yo 04
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