I was just wondering if anyone could possibly help me please. I'm currently studying for the ICB level 3 Diploma in Bookkeeping. I have to create a balance sheet. I've managed to do the Trading and Profit and Loss accounts and they have given me the trial balance.
I don't really know what to put where in the balance sheet though.
This is the trial balance:
Amount invested by owner 27,500 Amounts owed by customers 14,350 Amounts owed to suppliers 11,200 Sales to customers 124,300 Purchases from suppliers 92,800 Amounts paid out for: Heat and light 5,400 Rent and rates 6,000 Cleaning 1,300 Stationary 640 Bank int recd 230 Stock of supplies at start 8,250 Furniture and Fittings owned 11,700 Office Machinery owned 3,250 Borrowed from loan company 15,000 Cash discount allowed 20 Cash Discount recd 30 Goods returned to suppliers 1,320 bank balance 35,870
This is what I've worked the Trading account to be:
Opening Stock 8,250 Sales 124,300 Purchases 92,800 Goods Available 101,050 Closing Stock 8,580 Cost Of Goods Sold 92,470 Gross Profit c/d 31,830
124,300 124,300
And I made the profit and loss account to be: (although I'm not 100% I've included all that needs to be in there)
yeh, you can - these are only really "headings", and I'm not sure on where the marks are allocated but when I did the A level last year we were told that it wasn't really necessary
I've got a trial balance which has selling expenses in the debit side as 1,950. It then says 'Selling expenses paid by cheque were 140' does this mean I plus or minus the 140 to/from the 1,950?
