By S. Hall and N. Skene Smith (Auth.)
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Cr, £ 40 1,260 Cr. £ By Cash 600 Cr. /. Rosewall £ 680 Ίο Balance b/d Stock Accouut Cr. £ To Trading A/c 640 Capital Account 1962 Jan. 1 Mar. 31 Dr. Cr. A/C, Net Profit £ 2,000 236 £2,236 These balances are summarised in the form of a Balance Sheet Balance Sheet as at 31st March, 1962 £ £ Capital: Balance at 1st Jan. 1962 Add Net Profit for period 1,260 2,000 236 Stock 640 Debtor 680 Cash 256 2,236 Liability L o a n --A. Rose £ Assets: Motor Van 600 £2,836 £2,836 FINAL ACCOUNTS 29 It is helpful to ask, Why does this (or any other) Balance Sheet balance?
G. the value of the closing stock. EXAMPLE 8 The following Trial Balance was extracted from the books of R. Woolley on 30th June, 1962. Trial Balance £ Sales Purchases Salary Heating and Lighting Stock Rent and Rates Sundry Expenses Capital Shop Fixtures Creditor Cash Debtors £ 6,100 4,810 600 80 620 62 40 1,400 120 62 720 510 £7,562 £7,562 FINAL ACCOUNTS 31 The Stock on Hand on 30th June, 1962 was valued at £360. Prepare Trading and Profit & Loss Account and Balance Sheet. Dr. Trading and Profit & Loss Account for the Year ended 30th June, 1962 To Stock, 1st July 1961 „ Purchases „ Gross Profit carried down £ 620 4,810 1,030 By Sales „ Stock, 30th June 1962 £6,460 To „ „ „ „ Salary Rent and Rates Heating and Lighting Sundry Expenses Net Profit 600 62 80 40 248 Cr.
Joyce 130 „ Provision c/d 72 By P. & L. A/c £242 Balance Sheet—Assets Side Sundry Debtors Less Provision for Bad debts Provision for Discounts Cr. £ 242 £242 1963 Jan. £ 72 55 1 By Provision b/d £ £ 1,440 127 1,313 72 40 A C C O U N T I N G P R I N C I P L E S AND P R A C T I C E The provision for Discounts is calculated on the total of Debtors less the provision for Bad Debts. Discounts are not allowed on bad debts! To make provision, even a specific provision, for a Bad Debt is very different from writing it off but it is easy for the student to confuse the two.