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Problem - The following is Pamela's trial balance as at 30 April 2018:
Dr
Cr
Bank (overdraft)
14,000
Insurance
4,000
Capital
64,000
Stock (at 1 May 2017)
10,000
Drawings
20,000
Electricity
2,000
Carriage Inward
Furniture at cost
18,000
Miscellaneous expenses
56,000
Sales Return
Interest received
Purchases
100,000
Sales
130,000
Purchase Return
Trade creditors
Trade debtors
24,000
240,000
Additional information: Stock at 30 April 2018 was $8,000.
Required -
1. Prepare Pamela's Trading Account for the year to 30 April 2018.
2. Calculate Total Assets (note: calculations must be listed/showed).
3. Calculate Total Liabilities (note: calculations must be listed/showed).
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