Other payables and other receivables — practice question

B Limited carries out cleaning services for client offices and factories. The clients supply their own cleaning materials. B Limited's trial balance at 30 June 2023 was as follows. Trial balance dated 30 June 2023 Revenue Credit $135040 Wages and salaries Debit $72000 Motor expenses Debit $9820 Insurance Debit $11040 General expenses Debit $12780 Motor vehicles at cost Debit $42000 Provision for depreciation of motor vehicles Credit $16500 Equipment at cost Debit $5000 Provision for depreciation of equipment Credit $2000 Trade receivables Debit $1640 Bank Debit $19950 Ordinary share capital Credit $10000 General reserve Credit $2000 Retained earnings Credit $13490 Dividend paid on ordinary shares Debit $4800 Totals $179030 $179030 Additional information 1 Revenue of $9240 was received in advance. 2 The insurance charge for the 12 months to 31 December 2022 was $7200 and for the 12 months to 31 December 2023 it is $7440. On 1 January 2023 insurance was paid in full for the 12 months to 31 December 2023. 3 Accrued general expenses at 30 June 2023 were $186. 4 Depreciation is to be charged on motor vehicles at 25% per annum using the reducing balance method. 5 Depreciation on equipment is to be charged at 20% per annum using the straight line method. 6 No dividends were outstanding at 30 June 2023. 7 $1000 is to be transferred to the general reserve at 30 June 2023.