Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020 ACCOUNT TITLES DEBIT CREDIT Cash 150000 Inventory 10,000 Prepaid rent 50,000 Office Supplies 60,000 Land 900,000 Building 800,000 Accumulated Depreciation 40,000 Accounts payable 80,000 Salaries payable 55,000 Long term loan 390,000 Purchases 400,000 Sales 600,000 Purchase returns 18,000 Sales returns 14,000 Transportation-in 5,000 Interest expense 2,000 Salaries expense 44,000 Depreciation expense 29,000 Electricity expense 5,000 Interest expense 5,000 Interest payable 25,000 Commission Income 22,000 Capital 1,254,000 Drawing 10000 Total 2,484,000 2,484,000 Inventory Closing Rs. 50,000 REQUIRED a) Prepare Income Statement for the year ended December 31, 2020.
Q#3 Following in the adjusted
ACCOUNT TITLES DEBIT CREDIT
Cash 150000
Inventory 10,000
Prepaid rent 50,000
Office Supplies 60,000
Land 900,000
Building 800,000
Accounts payable 80,000
Salaries payable 55,000
Long term loan 390,000
Purchases 400,000
Sales 600,000
Purchase returns 18,000
Sales returns 14,000
Transportation-in 5,000
Interest expense 2,000
Salaries expense 44,000
Depreciation expense 29,000
Electricity expense 5,000
Interest expense 5,000
Interest payable 25,000
Commission Income 22,000
Capital 1,254,000
Drawing 10000
Total 2,484,000 2,484,000
Inventory Closing Rs. 50,000
REQUIRED
a) Prepare Income Statement for the year ended December 31, 2020.
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