FINANCE IN HOSPITALITY INDUSTRY.doc

FINANCE IN HOSPITALITY INDUSTRY.doc - All company accounts...

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All company accounts are listed in the adjusted trial balance which will appear in the financial statements after the year end adjustment of the journal entries have been carried out. Preparation of the adjusted trial balance is the fifth step of the accounting cycle, but it is the last step before the financial statements are prepared (Whittington & Delaney, 2011). R Riggs Adjusted Trial Balance As at 31 December 2012 Dr. Cr. Sales 157,165 Cost of sales 94,520 Discount received 160 Interest received 50 Accumulated depreciation 1,630 Wages and salaries 31,740 Rent expense 3,170 Discounts allowed 820 Van running costs 687 Bad debts 730 Doubtful debt provision 91 Depreciation expense 1,630
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Office furniture and van 7,175 Stock 2,400 Debtors 11,820 Prepaid expenses 230 Cash at bank & hand 4,274 Creditors 5,770 Accruals 212 Capital 11,400 Drawings 17,100 176,387 176,387 R Riggs Profit and Loss Account for the year ended 31 December 2012 £ £ Sales 157,165 Less Cost of goods sold 94,520 Gross profit 62,645 Discounts received 160
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Interest received 50 62,855 Less Expenses Wages and salaries 31,740 Rent 3170 Discounts allowed 820 Van running costs 687 Bad debts 730 Doubtful debts provision 91 Depreciation expense 1,630 38,868 Net profit 23,987 R Riggs Balance sheet as at 31 December 2012 £ £ £ Fixed assets Office furniture & Van 7,175 Less depreciation 1,630 5,020
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Current assets Stock 2,400 Debtors 12316
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  • Fall '16
  • joe jane
  • Balance Sheet, Generally Accepted Accounting Principles, R Riggs

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