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1.Journal Entries

Date

Particulars

Debit £

Credit £

Sep. 1

Allowance for bad debts

105

  Account receivable

105

Receivable from P. Mullen recorded as write off

Sep. 5

Account Payable

150

  office Fixture

150

office fixture returns

Sep-10

cash

180

Allowances for bad debt

131

  Account receivable

311

Receivable from M. Abel recorded as payment and write off

Sep-18

Machinery

1800

  Cash

100

  Bank

500

  account payable

1200

Purchase of machinery

Sep. 26

Account payable

600

  Bank

600

Brown Ltd account is partial settled

Sep-28

Insurance expenses

60

Drawing (private insurance)

70

  Bank

130

Payment for insurance

2.General Ledger

Office Fixture

Amount £

Amount £

Opening Balance

1200

Bank

1000

Sharp office Ltd

2400

Cash

110

Bank

750

Balance C/d

5460

5460

5460

Van

Amount £

Amount £

Opening Balance

32000

Bank

6200

Toyota Co.

8700

Balance C/d

46900

46900

46900

Bank

Amount £

Amount £

Opening Balance

36800

Cash

2800

Loan

12400

Van

6200

Cash

430

Office fixture

1000

Toyota Co.

8700

Office fixture

750

Balance C/d

30180

49630

49630

Loan

Amount £

Amount £

Opening Balance

12400

Bank

12400

12400

12400

Equity

Amount £

Amount £

Opening Balance

70000

Balance C/d

70000

70000

70000

Cash

Amount £

Amount £

Bank

2800

Office fixture

110

Bank

430

Balance C/d

2260

2800

2800

Sharp Office Ltd

Amount £

Amount £

Office fixture

2400

Balance C/d

2400

2400

2400

Toyota Co.

Amount £

Amount £

Bank

8700

Van

8700

8700

8700

Trail balance as of August 31, 2021

Amount £

Amount £

Equity

70000

Office Fixture

5460

Van

46900

Bank

30180

Loan

12400

Sharp office ltd

2400

Cash

2260

84800

84800

 3.A.

Income statement of B Moore

For the year ending 30th Sep. 2021

Amount £

Amount £

Sales

95000

Less: sales return

3500

Total revenue

91500

Less: Cost of goods sold

Opening stock

18000

Add: Purchase

110000

Add: Carriage inwards

890

Less purchase return

720

Less Closing stock

13000

115170

Gross profit

-23670

Less: Expenses

Carriage outwards

500

Motor expenses

1400

Rent

7000

Telephone charges

830

Wages and salaries

14000

Insurance

1030

Office expenses

800

Sundry expenses

250

Total expenses

25810

Net Profit

-49480

 B.Percentage increase in profit and loss = (Current year profit – previous year profit)/previous year profit *100

2013 = £55800 Not applicable

2014 = (£77100-55800)/55800*100 = 38.17%

2015 = (£85500-77100)/77100*100 = 10.89%

2016 = (£98400-85500)/85500*100 = 15.17%

2017 = (£87600-98400)/98400*100 = -10.98%

2018 = (£97200-87600)/87600*100 = 10.95%

2019 = (£112400-97200)/97200*100 = 15.64%

2020 = (-£65400-112400)/112400*100 = -158.16%%

2021 = (-£49480-(-65400))/65400*100 = 24.34%

The profit of the company was dropped between 2017 and 2020, according to the results of the research. Profit dropped in the year 2017 but recovered in the year 2018 and 2019. The highest profit earned in the year 2019 was £112400. Because of pandemics, earnings in 2020 will drop by a considerable margin, -158.16 percent, compared to the previous year. The profit in 2021 is reduced, but when compared to the previous year, we see that the performance has improved by 24.34 percent, which is a great indicator for the firm. As a result of this, there is a likelihood that earnings will improve in 2020 due to the Business's Favorable State.

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My Assignment Help. (2022). Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021. Retrieved from https://myassignmenthelp.com/free-samples/ba30592e-recording-business-transactions/business-favorable-state-file-A1D5469.html.

"Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021." My Assignment Help, 2022, https://myassignmenthelp.com/free-samples/ba30592e-recording-business-transactions/business-favorable-state-file-A1D5469.html.

My Assignment Help (2022) Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021 [Online]. Available from: https://myassignmenthelp.com/free-samples/ba30592e-recording-business-transactions/business-favorable-state-file-A1D5469.html
[Accessed 03 March 2024].

My Assignment Help. 'Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021' (My Assignment Help, 2022) <https://myassignmenthelp.com/free-samples/ba30592e-recording-business-transactions/business-favorable-state-file-A1D5469.html> accessed 03 March 2024.

My Assignment Help. Trail Balance And Income Statement Of B Moore For The Year Ending 30th Sep. 2021 [Internet]. My Assignment Help. 2022 [cited 03 March 2024]. Available from: https://myassignmenthelp.com/free-samples/ba30592e-recording-business-transactions/business-favorable-state-file-A1D5469.html.

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