Mr.michel started business on 1st January 2019 and form the following trail balance prepare. Trading profit and loss account and balance sheet as on 31st December 2019. Dr Amount Cr amount Cash Machinery Debtors Stock 1st January 2019 Bills receivalble Salaries Rent Wages Purchases Sales return Drawing 5000 20000 12000 10000 4000 15000 2000 3000 36000 1000 2500 Sales Capital Creditors Purchase return 50000 30500 28000 2000 total 110500 total 110500 Adjustments 1.closing stock 31st December 2019 was $250000 2.depreciative machinery by 10% 3.salaries outstanding $3000
Mr.michel started business on 1st January 2019 and form the following trail balance prepare. Trading profit and loss account and balance sheet as on 31st December 2019. Dr Amount Cr amount Cash Machinery Debtors Stock 1st January 2019 Bills receivalble Salaries Rent Wages Purchases Sales return Drawing 5000 20000 12000 10000 4000 15000 2000 3000 36000 1000 2500 Sales Capital Creditors Purchase return 50000 30500 28000 2000 total 110500 total 110500 Adjustments 1.closing stock 31st December 2019 was $250000 2.depreciative machinery by 10% 3.salaries outstanding $3000
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 5PA: The following selected accounts and their current balances appear in the ledger of Clairemont Co....
Related questions
Question
Mr.michel started business on 1st January 2019 and form the following trail balance prepare. Trading
Dr |
Amount |
Cr |
amount |
Cash Machinery Debtors Stock 1st January 2019 Bills receivalble Salaries Rent Wages Purchases Sales return Drawing |
5000 20000 12000 10000 4000 15000 2000 3000 36000 1000 2500 |
Sales Capital Creditors Purchase return |
50000 30500 28000 2000 |
total |
110500 |
total |
110500 |
Adjustments
1.closing stock 31st December 2019 was $250000
2.depreciative machinery by 10%
3.salaries outstanding $3000
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning