(Answered) Question b letitslide is in business but does not keep

Accounting

Question: B. Letitslide is in business but does not keep proper books of account. In order to prepare his Trading and Profit & Loss Account for the Year ended 31st December, 1960 you are given the following information:

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In addition, you are able to prepare the following summary accounts for the year

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In considering the debtors, Mr. Letitslide suggests that there is no hope of receiving an amount of £30 from one customer. There are other doubtful debts and a provision is to be made of 5 % of the debtors. Allowing depreciation on the Delivery Van of 20 % per annum, prepare the accounts as requested and a Balance Sheet as at 31st December, 1960.

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