Download to read offline
Trial balance exercise 3
- 1. Trial Balance Exercise3 Julius and Crassus run a partnership business that sells tiramisu cakes. The following is their trial balance for the 12-month period ended on 31st December 2015: Pompeii’s Best Tiramisus Trial Balance for the year ended 31st December 2015 Accounts Capital Debtors Electricity Expenses Sales Sales Return Administrative Expenses Building Interest expense Bank Loan Freight inwards Creditor Sales Delivery expenses Accrued Salary expense Bad debt Inventory Drawings Cost of Goods Sold Shop Staffs’ Salary Cash Land Prepaid Advertising Expense Accrued Sales Delivery Exp $ 37000 8510 3300 1790 154000 960 2740 4500 780 46500 15080 47490 24000 13280 25000 3600 $ 150400 110870 97240 26040 2480 1500 Additional information 1) The business paid $1480 of salary expenses owed. 2) It incurred $2800 of advertising expense during the year. 3) It has incurred another $1500 of sales delivery expense, which is still unpaid. 4) The business pays $6500 for future consultation services. Prepare the P&L statement and balance sheet for the partners.