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Question help

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Question help

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • Author
    Posts
  • May 15, 2024 at 8:34 pm #705460
    jameela.r
    Participant
    • Topics: 4
    • Replies: 3
    • ☆

    If possible, could you please provide me the answer to this question. I have done it however I have made a mistake somewhere as my trial balance did not balance in the end.

    CLIVE Ltd commenced trading on 1st August 2021 with the following transactions for
    the month.
    DATE TRANSACTIONS
    1 August Clive deposited £10,000 into a newly opened business bank account to start
    the new business
    3 August Bought inventories for £3,000 for cash
    5 August Bought inventories for £4,000 on credit
    5 August Paid rent £700 for the month
    6 August Paid lighting and heating £150 for the month
    9 August Paid general expenses £300
    10 August Sold inventories costing £3,500 for £4,200 for cash
    16 August Sold inventories costing £2,880 for £3,800 on credit
    21 August Clive, the business owner withdrew £1,000 in cash for personal use
    25 August Paid £2,500 to trade payables
    26 August Bought motor van from C. Richards £1,000
    30 August Received £3,000 from trade receivables

    You are required to:
    (a) Record the transactions in a set of double-entry accounts and balance the relevant
    accounts.
    (b) Prepare the trial balance, statement of comprehensive income and statement of
    financial position as at 31 August 2021. Use an appropriate format for presentation

    May 16, 2024 at 7:59 am #705491
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    Sorry but we do not provide full answers to full questions.

    You presumably have an answer in the same book in which you found the question, so ask about whatever it is in the answer that you are not clear about and then I will explain.

    (Obviously you cannot be asked a question in this form in the Paper FA exam 🙂 )

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