Preparation of Income And expenditure account - SS2 Accounting Past Questions and Answers - page 1
Question:
The following transactions were recorded for Halima's Gym for the year ended 31 December 2022. Prepare an income and expenditure account.
|
Transactions |
Amount (₦) |
|
Sales |
55000 |
|
Purchases |
9500 |
|
Rent of building |
12000 |
|
Purchase of equipment |
28000 |
|
Wages and salaries |
22000 |
|
Bank interest |
3000 |
|
Electricity bill |
4500 |
|
Insurance |
8000 |
|
Printing and branding |
1500 |
|
Repayment of bank loan |
10000 |
|
Loan from Ali |
12000 |
|
Subscription received |
18000 |
|
General expenses |
5000 |
|
Loan from bank |
5000 |
Answer:
Income/Expenditure account
For the year ended December 31, 2022
|
Income (₦) |
Expenditure (₦) |
||
|
Sales Subscription Loan (Ali) Bank loan Net loss c/d |
55000 18000 12000 10000 9000 104000 |
Purchases Rent of building Purchase of equipment Wages and salaries Bank interest Electricity bill Insurance Printing and branding Repayment of bank loan General expenses Loan from bank Net loss b/d |
9500 12000 28000 22000 3000 4500 8000 1500 10000 5000 5000 104000 9000 |