Organic Name Reactions for the students and aspirants of Chemistry12th.pptx
Trial balance exercise 3
1. Trial Balance Exercise 3
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.