Please answer it competely Illustration 15. Mr. Neel has prepared the following Trial Balance from his Ledger as on 31st March,2017.ParticularsCredit ?Debit ?Stock as on Ist April, 20165,00,000Purchases and Returns31,00,00045,000b44Sales and Returns55,00041,50,000Cash in Hand2,50,000Cash at Bank5,00,000Trader's CapitalRates and Taxes22,59,200Drawings50.000Salaries45,000Postage and Telegram95,000Insurance1,05,000Salesman Commission90,000Printing and Stationery78,000Advertisement95,500Furniture and Fittings1,70,000Motor Car5,50,000Discounts48,000General Expenses50,000Carriage Inward65,700Carriage outward10,00075,000Wages22,000Sundry Debtors50,000Creditors10,00,0004,00,00069,29,20069,29,200You are required to prepare Trading and Profit & Loss Account for the year ended on 31st March, 2017 andBalance Sheet as on that date after making the necessary adjustment:1. Closing Stock as on 31st March, 2017,1,45,0002. Neel has withdrawn goods worth?50,000 during the year3. Purchases include purchase of furniture worth? 1,00,0004. Debtors include 50,000 ofbad debts.5. Sales include goods worth 1,50,000 sent out to NN & Co. on approval and remained unsold as on31st March, 2016. The cost of goods was?1,00,0006. Provision for bad debts is to be created at 5% of Sundry Debtor7. Depreciate Furniture and Fittings by 10% and Motor Car by 20%8. The salesman is entitled to comission of 10% on total sales

Trading and Profit and Loss Account of Mr. Neel for the year ending 31st March, 2017…

Answered: culars Debit ? Credit as on Ist April,…

Business

Accounting

culars Debit ? Credit as on Ist April, 2016 5,00,000 hases and Returns 31,00,000 45

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter11: Stockholders' Equity

Section: Chapter Questions

Problem 11.6P

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Then balance off the accounts and extracted a trial balance for sole trader Airman Co. as at 30September 2020:DR CR£ £Capital £306,070Drawings 26,500Cash at bank 20,000Cash in hand 8500Accounts receivable (Debtors) 70,000Accounts payable (Creditors) 16,000Inventory (Stock): 30 September 2019 36,000Van 16,000Fixtures and Fittings 32,000Sales 80,000Purchases 150,000Return inwards (Sales Returns) 2,000Carriage inwards 720Returns outwards (Purchase Returns) 600Carriage outwards 400Motor expenses 1200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300437,600 437,600Inventory as at 30 September 2020was £120,000.Requireda. Draft an Income Statement for S. Keyes for the year ending 30th September 2019
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The following trial balance was extracted from the books of J. Brown as at 31 May 2021. DRCR $$ Purchases and Sales65,730 125,910 Stock at June 1, 202015,480 - Bank overdraft- 13,050 Capital- 21,600 Cash270 - Discounts4,320 2,880 Return inwards2,430 - Return outwards- 1,710 Carriage outwards6,480 - Carriage inwards2,850 - Rent and Rates5,220 - Provision for bad debts- 1,980 Machinery5,100 - Van9,300 - Provision for depreciation on Vans- 3,000 Provision for depreciation on Machinery- 1,500 Accounts Receivable and Payables35,730 18,180 Drawings8,640 - Wages and Salaries26,820 - General office expenses1,440 - 189,810 189,810 Notes:Closing stock $22,000Wages and salaries: accrual $900; Office expenses accrued $500Rent and rates prepaid $800Increase the provision for bad debts to $2,000Provision for depreciation Van 10% of cost, and Machinery 15% on the reducing balance method.(See requirements on next page.) Required:1: Prepare an Income Statement for the year ended May 31, 2021 2: From…
The following selected account balances were taken from ABC Company'sgeneral ledgers for 2025:January 1, 2025 December 31, 2025 Accounts payable 49,000 53,000 Cash 35,000 38,000Common stock 46,000 76,000Land 27,000 64,000 Notes payable 45,000 40,000Retained earnings ? 29,000The following information was taken from ABC Company's 2025 incomestatement:Total revenues 500,000Total expenses <430,000>Net income 70,000The following information was taken from ABC Company's 2025 cashflow statement:Net cash flow from operating activities 93,000Net cash flow from investing activities <60,000>Net cash flow from financing activities <30,000>Net change in cash 3,000Calculate the balance in the retained earnings account at January 1, 2025.
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43) Diamond trading company had calculated the total Assets of RO 350,400 and the Equity amount of RO 145,000 during the year ended 31st December 2019. As an accountant of this business calculate the value of total Liabilities for the year 2019. a. RO 151,300 b. RO 495,400 c. RO 145,000 d. RO 205,400
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