From the following particulars prepare trading and profit and loss account for theyear ending on 31st December, 1988 and a balance sheet as on that date.20,0001001,2008,0002,0003,4007,000CapitalInterest on investmentBills payable001SalesSundry CreditorsReturns outwardsLoanoltoDrawingPurchasesInvestmentWagesSundry DebtorsLoose ToolsCash in handCash at bank55023,0005,0504003,00045012085012,70010,000100BuildingPlant & MachineryBills receivableSalariesOffice expensesDiscountRentBad Debts1,400300450310170Freight & Carriage500200InsurancePatent rights (10 years)unexpiredReturns inwards2,000420Furniture53052,10052,100Stock on 31st December, 1988 was Rs. 3500. There were outstanding liabilities inr'espect of wages Rs. 240; salaries Rs. 190; insurance was paid in advance to the extent ofRs. 60; Depreciate plant and nachinery by 10%; furniture 5%, patents by 10% and loosetools by 25%. Make a provision for 4 months interest on loan at 8 percent P.A.

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Description: From the following particulars prepare trading and profit and loss account for theyear ending on 31st December, 1988 and a balance sheet as on that date.20,0001001,2008,0002,0003,4007,000CapitalInterest on investmentBills payable001SalesSundry Credi

Trading and Profit and loss Account for the period ending on 31 /12/1988 Particulars Amount…

Business

Accounting

From the following particulars prepare trading and profit ar ending on 31st December, 1988 and a balance sheet as on that. wing hases 1,200 Capital 8,000 2,000 Interest on investme Bills payable001 Sales stment es dry Debtors se Tools in hand h at bank 3,400 7,000 Sundry Creditors 450 Returns outwards Loan 120 850 12,700

From the following particulars prepare trading and profit ar ending on 31st December, 1988 and a balance sheet as on that. wing hases 1,200 Capital 8,000 2,000 Interest on investme Bills payable001 Sales stment es dry Debtors se Tools in hand h at bank 3,400 7,000 Sundry Creditors 450 Returns outwards Loan 120 850 12,700

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 5RE

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