9.5A The following is the trial balance of TOwen as at 31 March 20X9. Draw up a set of financial
statements for the year ended 31 March 20x9.
Dr
52,800
276,400
141,300
1,350
5,840
2.408
Stock 1 April 20x8
Sales
Purchases
Carriage inwards
Carriage outwards
Returns outwards
Wages and salaries
Business rates
Communication expenses
Commissions paid
Insurance
Sundry expenses
Buildings
Debtors
Creditors
Fixtures
Cash at bank
Cash in hand
Drawings
Capital
63,400
3,800
714
1,930
1.830
208
125,000
45.900
24,870
1,106
31,420
276
37,320
514,194
210,516
514,194
Stock at 31 March 20x9 was £58,440.
No
Answers
Answer:
Every aspect of society, including individuals, housewives, businesses, and nonprofit organisations like municipalities, panchyats, clubs, etc., depends on the accounting function. All must keep their accounts up to date.
Explanation:
The use of accounting to effectively convey the financial performance of a corporation to numerous interested parties or stakeholders has earned it the moniker "language of the business." It is focused on quantifying and disseminating financial data.
The double entry system of accounting, which is the foundation of financial accounting, entails I recording business transactions in prime entry books, (ii) posting to the appropriate ledger accounts, (iii) striking a balance, and (iv) preparing the performance statement (profit and loss statement) and position statement (balance sheet).
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