AC4052QA Elwira Ventures: The following trial balance was extracted from the books of Elwira Ventures: Financial Accounting Assignment, LMU, UK

University London Metropolitan University (LMU)
Subject AC4052QA Financial Accounting

Question 2
Elwira Ventures
The following trial balance was extracted from the books of Elwira Ventures, a spare parts merchant, at the close of business on 31 December 2020

Do You Need Assignment of This Question

Additional Information
1. Inventory on 31 December 2020 was £3,400.
2. Elwira took out spare parts costing £500 for the repair of her private car.No
payment was made for these goods.
3. Rent prepaid on 31 December 2020 was £1,200.
4. Motor running expenses owing on 31 December 2020 was £90.
5. Provide for depreciation on 31 Dec 2020 as follows: Delivery Van 45% on the reducing balance basis and Shop fittings 35% on the straight-line basis.

a) Draw up Elwira Ventures income statement for the year ended31December2020
b) Draw up Elwira statement of financial position as at 31 December 2020
c) In one sentence, state the effect of the following on income statement andstatement of financial position.
i. Prepaid income.
ii. Prepaid expense.
iii. Accrued income.
iv. Accrued expense.

Buy Answer of This Assessment & Raise Your Grades

Are you a student at London Metropolitan University (LMU) struggling with your AC4052QA Financial Accounting assignment? Look no further! We specialize in providing top-notch assignment writing help UK services tailored to meet the academic needs of LMU students. Our expert team is well-equipped to assist you in tackling challenging topics like the trial balance extracted from the books of Elwira Ventures.

Say goodbye to academic stress and excel in your Financial Accounting course with our reliable Accounting Assignment Help specifically designed for LMU students. Trust us to guide you through your coursework, allowing you to focus on your studies while we handle the intricacies of your assignments.