Q1_The following balances appeared in the trail balance for the year 2020 of AL-Nada co?AccountsBalanceAccountsBalanceSales830 000Repair7 000Purchases commission18 000Interest received25 000Purchases480 000Revenue70 000Sales allowariceLoanImport customsBeginning inventoryPurchases return90 00020 000Creditors2 000 0003 000 000Freight_out165 0022 000Purchases allowance25 00090 000Purchases discount10 000Sales discount8 000Building5 000 000Sales insurance20 000Cars18 000 000Purchases insurance10 000Sales commission21 000Salaries120 000lightingPurchases expensesDepreciation14 000Rent80 00026 000Sales return12 00018 000Bank10 000 000cash1 200 000Debtors2 000 000Ending inventory65 000Capital?Ins:-1_ Prepare the trading statement for the year ended in 2020.2_Prepare the profit and loss statement for the year ended 2020.3_Prepar a classified balance sheet in a good format (use statement form)

Trading and Profit and loss account is prepared to arrive at the profit or loss incurred during a…

Answered: 1_ Prepare the trading statement for…

1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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