We are now at the stage where we can draw up the final accounts of a sole trader from the trial balance. The final accounts are the profit and loss account and the balance sheet. This is a crucial stage in the accounting process. It transforms the trial balance, which is an ...
Finally, we created a balance sheet showing the breakdown of assets and liabilities to show our current capital. Read Final Accounts of a Sole Trader Lesson Recommended for You Video: Creating Contribution Margin Income Statements Video: Operating Expenses | Definition & Examples Video: Cost of ...
i. provision for bad and doubtful debt ii. provision for discounts iii. provision for depreciation using straight-line and reducing balance methods iv. accruals and prepayments Objectives: Candidates should be able to: i. determine the cost of sales, gross profit and net profit of a sole trade...
The following are balances on the accounts of Luigi, a sole trader, as at the end of the current financial year and after all entries have been processed and the profit for the year has been calculated. $ Non-current assets 85,000 Receivables 7,000 Trade payables 3,000 Bank loan 15,...
A sole trader is preparing her accounts for the year ended 30 June 20X9. During the year she paid the following invoices for rent: The statement of financial position as at 30 June 20X8 showed a rent prepayment of 150. At 30 June 20X9 there was accrued rent of 200. What is the corr...
The following are balances on the accounts of Luigi, a sole trader, as at the end of the current financial year and after all entries have been processed and the profit for the year has been calculated A $59,000 B $66,000 C $62,000...
The personal income allowance for thetax year 2021/22is £12,570. This means that in the UK this amount of income won’t be taxed. Therefore, a sole trader will only have to pay tax on income above £12,570. There are also three tax bands, the basic, the higher rate and the ...
A sole trader is preparing her accounts for the year ended 30 June 20X9. During the year she paid the following invoices for rent: The statement of financial position as at 30 June 20X8 showed a rent prepayment of $150. At 30 June 20X9 there was accrued rent of $200. What is the ...
Make sure you check the eligibility criteria first, however, as some business bank accounts will ask that your business has been trading for a minimum amount of time and/or has a minimum annual turnover. Compare accounts carefully, looking at features such as: Monthly account fees Currency ...
At BJJ, we are capable of producing annual accounts for virtually any type of business – sole trader, partnership, limited company and so on. Bookkeeping & Management Accounts The first step is to work with you so we can gain a full understanding of your business. We then tailor our ...