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Answer Posted / prasad
a)When Goods are sent on Consignment
In Consignor Books
Consignee A/c Dr
Consignment Sales A/c Cr
When Amount received against Consignment Sales
Cash/Bank A/c Dr
Consignee A/c Cr
At End of the Year
Unsold Stock at consignee to be considered in Consignor
books as closing Stock under current assets
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iv, A non -performing asset is A, Money at call and short notices b, An asset that ceases to generate income c, cash balance in till d, none of the above
Alex’s Trial Balance at 31 December 2015 Dr (BWP) Cr (BWP) Capital 18 240 Bank overdraft 3 000 Fixtures and fittings 14 100 Provision for depreciation-fixtures and fittings 8 800 Inventory 14 200 Trade receivables 12 300 Trade payables 9 900 Revenue 110 000 Purchases 51 000 Discount received 1 800 Wages and salaries 26 000 Sundry expenses 34 000 Discount allowed 620 217 540 ======= 86 420 ======== Required: i Prepare the corrected trial balance at 31 December 2015. (7 marks) ii Show any difference you find as a balance on an appropriate account.
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