Solution-Prepare the Profit and Loss and the Capital

Prepare the Profit and Loss and the Capital accounts

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Reference no: EM132531538

Question - Startup Autos provided the following post-adjustment Trial Balance as at 30 June 2017:

Startup Autos Post Adjustment Trial Balance as at 30 June 2017

Bank 7000

Accounts receivable 12000

Motor vehicle 25000

Accumulated depreciation on Motor vehicle 8000

Equipment 8000

Accounts payable 20000

GST payable 10000

Capital 11000

Drawings 16000

Service revenue 150000

Commission Revenue 5000

Purchases - supplies 82000

Telephone and Internet 7000

Office expenses 12000

Wages 35000

Final Total 204000 204000

Required -

(a) Prepare journal entries to close the general ledger accounts of Startup Autos.

(b) Prepare the Profit and Loss and the Capital accounts (using the ledger).

Reference no: EM132531538

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Prepare the Profit and Loss and the Capital accounts

Reference no: EM132531538

Reference no: EM132531538

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