X,Y Company Ltd was registered with an authorized capital of Rs.8,000,000 divided into800,000 ordinary shares of Rs.10 each. The company's books showed the following balances onJune 30, 2011:Title of AccountCash in bankAccounts receivableAllowance for bad debts.Office suppliesMerchandbe inventory 1.7.10PrepaidinsuranceMachinery-costAllowance for depreciation-MachineryPreliminary expenses.Accounts payable10% Bonds payablePaid up capitalRetained ea mingsSales revenueCommission on incomeSales retum & allowance.PurchasesTransportation-inPurchases returns & allowancesSalaries expensesRent expensesIncome taxexpensesAdvertising expensesData for Adjustments on June 30, 201.Debit94,500,150,000,18,000225,00012,0001,500,000,10,00020,000900,000.40,00040,00026,00010,0005,000Credit4,500150,00040,000200,000800,000310,000800,000706,000(g) Rent expenses for the year amounted to Rs. 30,000.(h) Merchandise inventory was valued on June 30, 2011 at Rs.260,000.(1) Provide allowances for depreciation on machinery for the year Rs.135,000.G) Allowance for bad debts Rs. 5,000 for the year.40,000REQUIREDINCOME STATEMENT STATEMENT OF REATINED ERANINGS,BALANCE SHEET(is) Appropriate Rs.50,000 for plant extension and Rs. 40,000 for contingencies.(1) Declared cash dividend @ 10% on capital.

Income Statement One of the three crucial financial statements used to describe a company's fiscal…

(1) Provide allowances for depreciation on machinery for the year Rs.135,000. G) Allowance for bad debts Rs. 5,000 for the year. (is) Appropriate Rs.50,000 for plant extension and Rs. 40,000 for contingencies. (1) Declared cash dividend @ 10% on capital. REQUIRED INCOME STATEMENT STATEMENT OF REATINED ERANINGS, BALANCE SHEET

(1) Provide allowances for depreciation on machinery for the year Rs.135,000. G) Allowance for bad debts Rs. 5,000 for the year. (is) Appropriate Rs.50,000 for plant extension and Rs. 40,000 for contingencies. (1) Declared cash dividend @ 10% on capital. REQUIRED INCOME STATEMENT STATEMENT OF REATINED ERANINGS, BALANCE SHEET

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter11: Accounting For Transactions Using A General Journal

Section: Chapter Questions

Problem 3AP

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