CHAPTER 10: TRIAL BALANCE
2.1: LEDGER ACCOUNT OF HASSAN & CO - TRADER AS AT 31 DECEMBER 20X8
Initial Trial Balance Adjustment / Adjusted Trial Balance TB SOPL SOFP
Brought Forward Current Year Final Trial Balance Statement of Profit or Loss Statement of Financial Position
NO. Folio Account Type Account Description Amount
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
$ $ $ $ $ $ $ $ $ $
1 Land and Buildings 120,000.00 120,000.00 120,000.00 - -
2 Proprietor's Capital at 1.1.X8 208,000.00 208,000.00 - 208,000.00 -
3 Less Inventory Revenue 466,000.00 466,000.00 - 466,000.00 -
4 Add Inventory Purchases 246,000.00 246,000.00 246,000.00 - -
5 Inventory at 1.1.20X8 79,500.00 79,500.00 79,500.00 - -
6 Returns In (Sales) 400.00 400.00 - 400.00 -
7 Returns Out (Purchases) 1,800.00 1,800.00 1,800.00 - -
8 Discount Received 2,100.00 2,100.00 2,100.00 - -
9 Local Tax 27,450.00 27,450.00 27,450.00 - -
10 Expenses Motor Expenses 12,250.00 12,250.00 12,250.00 - -
11 Expenses Salaries 103,500.00 103,500.00 103,500.00 - -
12 Expenses Insurance 9,500.00 9,500.00 9,500.00 - -
13 Received Trade Receivables 32,300.00 32,300.00 32,300.00 - -
14 Payment Trade Payables 17,800.00 17,800.00 - 17,800.00 -
15 Sales of Service Carriage In (Transportation) 4,200.00 4,200.00 - 4,200.00 -
16 Purchase of Service Carriage Out (Transportation) 2,550.00 2,550.00 2,550.00 - -
17 Expenses Motor Vehicles 65,150.00 65,150.00 65,150.00 - -
18 Mine Bank Balance (in credit at the bank) 7,800.00 7,800.00 7,800.00 - -
19 Accumulated Depreciation - -
20 Buildings 4,000.00 4,000.00 - 4,000.00 -
21 Motor Vehicles 21,370.00 21,370.00 - 21,370.00 -
22 Irrecoverable Debts 600.00 600.00 600.00 - -
23 -
24 Inventory at 31.12 SOPL
25 Inventory at 31.12 SOFP
26 Profit for The Year
27 Total 1,432,270.00 710,500.00 721,770.00 710,500.00 721,770.00 - - - - - -
1,432,270.00 1,432,270.00 -
Expenses included in the profit and loss account are Selling and distribution expenses, Freight & carriage on sales, Sales tax, Administrative Expenses, Financial Expenses, Maintenance, depreciation and Provisions 9000/XXX
A financial report that shows a company's revenues, expenses and net profit or loss over a given period of time. 9000/XXX
EXPENSES: is always DEBIT 4000/XXX
CHAPTER 10: TRIAL BALANCE
2.1:LEDGER ACCOUNT OF JANEY LEE - TRADER AS AT 31 DECEMBER 2024
Initial Trial Balance Adjustment / Adjusted Trial Balance TB SOPL SOFP
Brought Forward Current Year Final Trial Balance Statement of Profit or Loss Statement of Financial Position
NO. Folio Account Type Account Description
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
$ $ $ $ $ $ $ $ $ $
1 3000/XXX Shop Fittings Cost 9,000.00 9,000.00 - - - 9,000.00 -
2 9000/XXX Expenses Shop Fittings Acc Dep 450.00 450.00 - 900.00 - - - 900.00
3 3000/XXX Leasehold Premises Cost 56,000.00 56,000.00 - - - 56,000.00 -
4 9000/XXX Leasehold Premises Acc Dep 2,800.00 2,800.00 - 5,600.00 - - - 5,600.00
5 3000/XXX Inventory at 1.1.18 117,000.00 117,000.00 - - - 117,000.00 -
6 3000/XXX Trade Receivables 240,750.00 240,750.00 - - - 240,750.00 -
7 Allowance for Receivables 4,320.00 450.00 - 4,770.00 - - - 4,770.00
8 3000/XXX Current Assets Petty Cash 120.00 120.00 - - - 120.00 -
9 3000/XXX Current Assets Bank 18,300.00 18,300.00 - - - 18,300.00 -
10 4000/XXX Trade Paybles 292,500.00 - 292,500.00 - - - 292,500.00
11 1000/XXX Proprietor Capital 1.1.18 120,000.00 - 120,000.00 - - - 120,000.00
12 6000/XXX Purchases 459,000.00 500.00 459,000.00 500.00 459,000.00 500.00 - -
13 3000/XXX Revenue 580,000.00 - 580,000.00 - 580,000.00 - -
14 Wages 81,900.00 81,900.00 - 81,900.00 - - -
15 9000/XXX Advertising 10,350.00 540.00 10,890.00 - 10,890.00 - - -
16 8000/XXX Local Taxes for 15 months to 31.3.x9 6,750.00 1,350.00 6,750.00 1,350.00 - - 6,750.00 1,350.00
17 9000/XXX Bank Charges 900.00 900.00 - 900.00 - - -
18 9000/XXX Bonus 500.00 500.00 - 500.00 - - -
19 9000/XXX Shop Fittings Depreciation 450.00 450.00 - - - 450.00 -
20 9000/XXX Leasehold Premises Depreciation 2,800.00 2,800.00 - - - 2,800.00 -
21 4000/XXX Liability Accrues Advertising Expenses 540.00 - 540.00 - - - 540.00
22 8000/XXX Current Assets Prepaid Local Taxes 1,350.00 1,350.00 - - - 1,350.00 -
23 Irrecoverable Debt 450.00 450.00 - - - 450.00 -
24 Inventory at 31.12 SOPL
25 Inventory at 31.12 SOFP
26 Profit for The Year
27 Total 1,000,070.00 1,000,070.00 6,090.00 6,090.00 1,006,160.00 1,006,160.00 553,190.00 580,500.00 452,970.00 425,660.00
Expenses included in the profit and loss account are Selling and distribution expenses, Freight & carriage on sales, Sales tax, Administrative Expenses, Financial Expenses, 9000/XXX
Maintenance, depreciation and Provisions 9000/XXX
a financial report that shows a company's revenues, expenses and net profit or loss over a given period of time . 4000/XXX
Folio Account Initial Trial Balance Adjustment Final Trial Balance SOPL SOFP
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
$ $ $ $ $ $ $ $ $ $
Shop Fittings csot 9000 9000 9000
Shop Fittings Acc Dep 450 450 900 900
Leasehold premises Cost 56000 56000 56000
Leasehold premises acc dep 2800 2800 5600 5600
inventory at 1.1.18 117000 117000 117000
trade receivables 240750 240750 240750
allowance for receivables 4320 450 4770 4770
petty cash 120 120 120
bank 18300 18300 18300
trade paybles 292500 292500 292500
proprieter capital 1.1.18 120000 120000 120000
purchases 459000 500 459000 500 458500
revenue 580000 580000 580000
wages 81900 81900 81900
advertising 10350 540 10890 10890
local taxes for 15 months to 31.3.x9 6750 1350 6750 1350 5400
bank charges 900 900 900
bonus 500 500 500
shop fittings depreciation 450 450 450
leasehold premises depreciation 2800 2800 2800
Accrues advertising expenses 540 540 540
prepaid local taxes 1350 1350 1350
Irrecoverable debt 450 450 450
inventory at 31.12 SOPL 135000 135000
inventory at 31.12 SOFP 135000 135000
profit for the year 98790 98790
total 1000070 1000070 6090 6090 1141160 1141160 678790 580000 325520 424310
