Cyclopedia of Commerce, Accountancy, Business Administration, v. 04 (of 10)

by American School of Correspondence

Classified Ledger Accounts

Classified Ledger Accounts

EXERCISE

38. 1. Submit a trading and a profit and loss account as shown by the books at the close of business March 13.

2. What errors do you find in these books?

3. Submit a balance sheet.

4. Submit the journal entries to be used in apportioning the profits, and in closing partner's personal account. Show partners' capital accounts after final closing.