Bamba Trading
(Prepare Trial Balance, Income Statement, Balance Sheet Question)

by Muneer
(Kuala Lampor, Malaysia)


Question 1


1) The following list of balances was extracted from Bamba’s ledger at 31 March 2011.

Bamba Trading:
1) Cash in hand 2,100
2) Fixture & Fittings 5,900
3) Motor vehicle 9,200
4) Accounts payable 13,188
5) Bank overdraft 2,400
6) Inventory at 1 April 2010 15,170
7) Land and buildings 51,600
8) Discount allowed 1,300
9) Accounts receivable 13,200
10) Purchases 61,610
11) General expenses 260
12) Interest expenses 210
13) Carriage inwards 66
14) Advertising 504
15) Maintains to Building 670
16) Mortgage on premises 3,840
17) Capital 69,808
18) Insurance paid 746
19) Bad debts 300
20) Drawings – Bamba
21) Inventory at 31 March 2011 12,976
22) Wages & salaries 17,070
23) Sales 98,370
24) Discount received 300

Using the information provided:
a) Extract a Trial Balance as at 31 March 2011 (30 marks)
b) Prepare an Income Statement for year ended 31 March 2011 (15 marks)
c) Prepare the Balance Sheet as at 31 March 2011 (10 marks)

Comments for Bamba Trading
(Prepare Trial Balance, Income Statement, Balance Sheet Question)

Click here to add your own comments

Drawing Amount and Mortgage Debit or Credit
by: Anonymous

Please tell me about drawing as well as making pre-closing trial balance mortgage being kept on debit or credit.

cor.na
by: ruth

The bamba balance I have missed some so help by showing the trail balance to see where I missed

balance sheet and notes
by: Anonymous

WHAT AMOUNT MUST I PUT ON BALANCE SHEET WHEN ADJUSTMENT SAY "HE PURCHASED LAND AND BUILDING FOR R 320 00 WHICH WAS MORTGAGED BY THE BANK 9% INTEREST PER ANNUM?

Provide Answer to Question
by: Anonymous

It would be better if Answers can be provided for any Questions that is posted, to help others test their accounting ability by cross referencing.
In that way we can tell whether the question posted is helpful or not.

Thanks

Click here to add your own comments

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