0001_Q1_Sole Proprietorship_Complete 2009 -2014.pdf - 2 1 The following trial balance was extracted from the Mighty Wholesale Company\u2019s books at 30

0001_Q1_Sole Proprietorship_Complete 2009 -2014.pdf - 2 1...

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2 9706/21/M/J/10 © UCLES 2010 For Examiner’s Use 1 The following trial balance was extracted from the Mighty Wholesale Company’s books at 30 April 2010. Dr $000 Cr $000 Revenue (Sales) 1600 Ordinary goods purchased (Purchases) 946 Property (Buildings) at cost 1490 Warehouse fittings at cost 348 Inventory (Stock) at 1 May 2009 124 Capital 1400 12% loan repayable 2015 100 Wages 160 Provisions for depreciation at 1 May 2009: Property (Buildings) 320 Warehouse fittings 197 Trade receivables (Debtors) 360 Trade payables (Creditors) 92 Cash and cash equivalents (Bank) 48 Distribution expenses 43 Business rates 50 Insurance 30 Advertising 79 Drawings 25 Loan interest 6 3709 3709 Additional information: 1 Inventory (stock) at 30 April 2010 cost $230 000. This includes inventory (stock) costing $20 000 which has a net realisable value of $9000. 2 Warehouse fittings were sold during the year. The proceeds of $10 000 were debited to the bank account and credited to the property (buildings) at cost account. No other entry has been made regarding this transaction. The fittings sold had cost $52 000 and the total depreciation charged to them by 1 May 2009 amounted to $41 000. No depreciation
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