Prepare Pamela Trading Account for the year

Reference no: EM132782825

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	2,000
Furniture at cost	18,000
Miscellaneous expenses	56,000
Sales Return	4,000
Interest received		2,000
Purchases	100,000
Sales		130,000
Purchase Return		10,000
Trade creditors		20,000
Trade debtors	24,000
	240,000	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).

Reference no: EM132782825

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