Answered: You are required to prepare a trial…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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Question

You are required to prepare a trial balance for Alina Ltd as at 31st

December 2021 and assess the source and structure of the trial Balance of Alex Ltd.

The following information should be used to prepare the trial balance;

£000

Capital 200 - Source - General ledger

Stocks 20 - Source - General ledger

Sales 100 - Source - Sales ledger or accounts receivable

Cash and cash equivalent 110 - Source - Cash book

Bank loan 70 - Source - General ledger

Furniture and Fittings 180 - Source - General ledger or nominal ledger

Trade Receivables 30 - Source - Sales ledger or receivables ledger

Trade Payables 20 - Source - Payable ledger or purchase ledger

Wages 50 - Source - General ledger or nominal ledger

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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