Sample questions for Principles of Accounts

• tinuviel07

  8 Nov 08, 10:52

  

   

  Additional Info:

  1. Stock at 31 December 2008 at cost was valued at $70,000.

  2. Rent was $24,000 per annum. As at the end of the year, December rent was unpaid.

  3. Insurance paid included amount of $500 for the period January to March 2009.

  4. Fixed assets are to be depreciated as below:

  -office equipment 10% annum on cost

  -motor vehicles 30% per annum on reducing balance method

  5. An invoice issued to a credit customer for $3,000 was left out from the account by mistake.

   

  1. Prepare a statement of profit and loss for the year ended 31 December 2008.

  2. Prepare a Balance sheet as at 31 December 2008.

   

  Answer from a forumer ( i haven't really gone through thoroughly so please point out any mistakes made)