FINAL ACCOUNTS – FULLY WORKED EXERCISES

FINANCIAL ACCOUNTING SSS2 FIRST TERM        

WEEK 10

FINAL ACCOUNTS – FULLY WORKED EXERCISES

Contents

Illustration:

The following trial balance has been extracted from the ledgers of Mr Johnson as at 31^st

Additional Information:

(a)      Stock at close N16,442

(b)     Outstanding expenses:

                             Advertising             N354

                             Salaries and wages  N848 

                             Interest on loan      N750

(c)      Rent, Rates and Insurance paid in advance N426

(d)     Depreciation:

                   Equipment 10% on the cost

                   Furniture and Fittings 5%

                   Land and Buildings 10%

                   Motor Vehicles 25%

(e)      Salaries and wages include N3,600 paid to Mr Johnson.

(f)      Records of typewriter bought on credit on 31st December 2003 for N10,000 have not been made in the books.

(g) Mr…