Lesson 1: Preparation of sole trader’s accounts

Lesson 1: Preparation of sole trader’s accounts

You should now be able to prepare a set of final accounts for a sole trader from a trial balance after
incorporating period-end adjustments for depreciation, inventory, prepayments, accruals, irrecoverable debts, and allowances for receivables.

Adjustments to accounts
You should now use what you have learned to produce a solution to the following exercise, which
involves preparing a statement of profit or loss and statement of financial position. You are required try the assignment.



ASSIGNMENT : The financial affairs of Newbegin Tools prior to the commencement of trading were as follows. MARKS : 100  DURATION : 1 week, 3 days


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