QUESTION 3: Financial Statement (18 marks) The following Trial Balance for Off t

Question

QUESTION 3: Financial Statement (18 marks)

The following Trial Balance for Off the Wall Music has been prepared at year end by Paul, but he realises it is not in the correct order.

REQUIRED:

Using the Trial Balance provided below, prepare the following for the period in question:

1. Fully classified Balance Sheet

2. Statement of Changes in Equity

Off the Wall Music TRIAL BALANCE AS AT 30 JUNE 2018 Debit (S) Credit (S) Shop Furniture & Fittings Accounts Receivable Accumulated Depreciation - Shop Furniture & Fittin Rent Expense- Admin Cash at Bank Advertising Payable Sales Electricity Expense COGS Paul, Capital 26 000 50 984 7 392 2 736 19 720 2 880 356 308 1160 228 168 38 408 reciation Expense - Shop Furniture & Fittings 3 000 2 344 22 000 Freight Inwards Rent Expense Store Accounts Payable Discount Allowed Invento Salaries Expense - Store Loan Payable Allowance for Doubtful Debts 12 188 3 320 17 956 26 720 25 920 880 aid Advertisin 1 240 464 Interest Payable Advertising Ex Sales Equipment Interest Ex Doubtful Debts Expense Paul, Drawings Sales Returns & Allowances Discount Received Salaries Expense - Admin 508 10 000 584 880 13 280 5 524 2 576 11180 447 016 Totals 447 016 The loan is payable in equal amounts over 30 months

Explanation / Answer

Please dont post wrong question, after solving the sum, i have been trying to match the balance sheet for 15-20 minutes, then i calculate the total of debit & credit of your trial bal, debit side total is 447304 & credit side total is 447016, your trial bal is not matching

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