Q.7 From the following Trial Balance, you are required to prepare Trading and Profit & Loss A/c for theyear ending 31" March,2018 and a Balance Sheet as on that date:Rs.Rs.Opening StockFurniture25,000 Sales16,000 Creditors5,55,300 Bank Overdraft4,700 Provision for Bad and Doubtful debts1,800 Discount52,000 Capital80,000 Purchase Returns15,00022,0003,40068,0008,90014,0001,60,00010,0007,00010,43,1007,00,00070,50050,0002,1005002,00,00020,000PurchasesCarriage InwardsBad DebtsWagesDebtorsSales ReturnsRentMisc. ExpensesSalariesCashDrawingsBuildingsAdvertisingInterest on Bank Overdraft10,43,100Adjustments:(i) Closing stock is valued at Rs.36,000.(ii) Rent is paid @ Rs.2,000 per month.(iii) Private purchases amounting to Rs.5,000 have been debited to purchases account.(iv) Make a provision for bad & doubtful debts at 5% on debtors.(V) A new sign board costing Rs.4,000 IS ncluded in Advertising.(vi) Depreciate Furniture & Fittings by 10%.****************0*

Name: Q.7 From the following Trial Balance, you are required to prepare Tra
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Description: Q.7 From the following Trial Balance, you are required to prepare Trading and Profit & Loss A/c for theyear ending 31" March,2018 and a Balance Sheet as on that date:Rs.Rs.Opening StockFurniture25,000 Sales16,000 Creditors5,55,300 Bank Overdraft4,70

Meaning of Trading and Profit & Loss Account Trading account records all the direct expenses and…

Answered: Q.7 From the following Trial Balance,…

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Q.7 From the following Trial Balance, you are required to prepare Trading and Profit & Loss A/c for the year ending 31" March,2018 and a Balance Sheet as on that date: Rs

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

Chapter21: The Statement Of Cash Flows

Section: Chapter Questions

Problem 17P: (Appendix 21.1) Comprehensive The following are Adair Companys December 31, 2018, post-closing trial...

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(Appendix 21.1) Comprehensive The following are Adair Companys December 31, 2018, post-closing trial balance and the December 31, 2019, adjusted trial balance: A review of the accounting records reveals the following additional information for 2019: Investments in bonds to be held to maturity were purchased at year-end for 8,600. A building was purchased for 28,000. A note payable was issued for 9,000. Common stock was issued for 14,500. Dividends of 6,500 were declared and paid. Required: 1. Using the direct method for operating cash flows, prepare a spreadsheet to support the 2019 statement of cash flows for Adair. 2. Prepare the statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
(Appendix 21.1) Visual Inspection The following changes in account balances were taken from Walson Companys adjusted trial balance at the end of 2019: In addition, the following information was obtained from the companys records: Land was sold, at cost, for 1,900. Dividends of 4,000 were declared and paid. Equipment was purchased for 10,400. Common stock was issued for 9,000. Beginning cash balance was 17,000. Required: Using visual inspection and the direct method, prepare Walsons 2019 statement of cash flows. (A separate schedule reconciling net income to cash provided by operating activities is not necessary.)
Balance off the accounts and extract a trial balance for sole trader Airman Co. as at 30 September2020:DR CR£ £Capital 306,070Drawings 26,500Cash at bank 20,000Cash in hand 8,500Accounts 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 1,200Rent 5,000Telephone charges 620Wages and salaries 32,000Insurance 830Office expenses 600Sundry expenses 300402,670 402,670Inventory as at 30 September 2020 was £120,000.Required a. Draft an Income Statement for Airman Co. for the year ending 30th September 2020 b. The records show that the Airman Co. has been profitable during 10 years since 2009. Due to COVID-19 outbreak, explain the possible impact of COVID-19 on company Income statement items.
Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31" December, 2020 and Balance Sheet as on that date: Dr. (Rs.) Cr. (Rs.) Drawings 10,000 46,000 1,50,200 3,400 22,660 38,600 840 Stock on 01/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising 1,640 280 Professional Charges Commission Received Investments as on I" Jan. @ 10% 3,300 4,000 Interest on above 200 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 29,000 Capital Income Tax 1,14,000 1,600 6,300 Discount allowed and received 4,600 Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 550 3,200 3,050 4,000 2,08,950 10,000 670 3,71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on frechold premises and 10% on office furmiture. (e) Insurance to the extent of Rs. 200…
Question 1 The following trial balance had ben been extracted from the book of Shen You for the year ended 31 October 2021. RM RM Accounts receivable and payables 435,000 325,000 Bank overdraft 18,200 Inventory at 1 November 2020 85,000 Sales 1,025,400 Purchases 673,000 Returns inwards and outwards 5,400 13,000 Carriage 9,600 Salaries and wages 220,000 Rent 33,800 Commission received 18,700 Bad debts 4,680 Plant and machinery 600,000 Motor vehicles 300,000 Accumulated depreciation: Plant and machinery Motor vehicles 120,000 57,000 Allowance for doubtful debts 2,700 Cash in hand 3,100 Capital 849,580 Drawings 60,000 2,429,580 2,429,580 Additional notes: Inventory at the cost of business has been valued at RM126,000 at market price. No records for…
3. The following was the trial balance extract from ABC Trading as at 31 March 2019.Particulars DEBIT (RM) CREDIT (RM)Purchases and Sales 22,800 41,000Inventory on 1 April 2018 5,100Capital 8,170Bank overdraft 4,300Cash 140Discount allowed and received 1,440Returns inwards and outwards 790Carriage outwards 2,180Office expenses 450Fixtures and fittings 1,210Delivery van 2,000Accounts receivables and account payables 11,900 6,720Rent and insurance 1,790Drawings 2,850Wages and salaries 8,980TOTAL 61,690 61,690Additional information as at 31 March 2019:a. Inventory on 31 March 2019 was RM4,250b. Wages and salaries accrued as at 31 march 2019 was RM210; outstanding office expenses was RM30c. Rent and insurance prepaid was RM150Required:i. Prepare the Statement of Profit or Loss and Other Comprehensive Income for the year ended 31 March 2019ii. Prepare Statement of Financial Position as at 31 March 2019
24.The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:Accounts Payable, beg P10,000Accounts Payable, end P8,000Inventory, beg P17,000Inventory, end P9,000Payment to creditors 287,000Purchase returns, P15,000How much were the credit purchases during the period? 285,000 293,000 300,000 315,000
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
ABC TradersTrial Balance at 31 December 20.1 Dr. Cr.Purchases/Sales 843,800 1,394,200 Return in and Out 22,200 33,300Discounts Allowed and Received 4,400 5,500Debtors and Creditors 66,000 77,000Drawing and Capital 136,700 410,000Stock 1 January 20.1 55,500 Carriage on Sales 21,000Carriage on Purchases 34,500Wages and Salaries…
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…
Adjustments and additional information1. The telephone account for February 2020 has not yet been paid, R3 000.2. A debtor, P. Sellers, was declared insolvent. His insolvent estate paid 40% of his debt of R2 000 and this has been recorded. The balance of his account must now be written off.3. Stocktaking on 28 February 2020 revealed the following stocks on hand:Trading inventory R120 000Stationery R8004. The provision for bad debts must be adjusted to R6 800.5. Rent has only been received up to 31 December 2019. Provide for the outstanding rent.6. The insurance total includes an annual insurance premium of R6 000 that was paid for the period 01 September 2019 to 31 August 2020.7. Provide for outstanding interest on the mortgage loan, R9 600.8. Provide for outstanding interest on fixed deposit. The investment in fixed deposit was made on 01 March 2019 and matures on 31 August 2020.9. The credit purchase of a new battery for the motor vehicle has not been recorded, R500.10. Provide for…
(B) Assume that BRI reported the following selected balances at 12/31/2022: Accounts receivable (net) $ 299,600 Inventory 572,632 Accounts payable 200,164 Salaries and wages payable 33,670 Compute: Cash collected from customers Cash paid to suppliers Cash paid to employees Adjusted Trial Balance Account Titles Dr Cr Cash 26,143 Equity securities portolio 47,521 Fair value adjustment 3,585 Accounts receivable 284,171 Allowance for doubtful accounts 14,209 Inventory 623,636 Prepaid insurance 11,080 Land 414,518 Buildings 1,455,667 Accumulated depreciation-bldg 490,534 Equipment 1,041,038 Accumulated depreciation-equip 337,259 Deferred tax asset 6,000 Patent 17,970 Accounts payable 205,799 Income taxes…