Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amjad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 Wages Opening inventories 30,000 25,000 Travelling expenses 35,000 Plant and machinery 55,000 Furniture 45,000 Acc. depreciation – Plant and Machinery 32,000 Acc. Depreciation - Furniture Cash and cash equivalents 18,000 45,000 Accounts receivable 30,000 Accounts payable 33,000 Bank loan 50,000 Rent expenses 20,000 Marketable securities 60,000 Purchase returns 12,000 Sales returns 25,000 Miscellaneous expenses 22,000 Stationery expenses 28,000 Salary expenses 45,000 Sales 360,000 Service revenue 15,000 Interest income 5,000 Total 650,000 650,000 1. Closing inventory was RO. 30,000 2. Stationary expenses of RO. 4,500 were outstanding. 3. Prepaid Service Revenue was RO. 7500 4. Depreciation rate for Plant & Machinery is 15% per annum and depreciation expenses for Furniture is RO. 2000 per annum.

Q4: Prepare Income Statement and Balance Sheet from the following Trial Balance of Amjad Company Trial Balance on 30 September 2020 Debit Credit Owners capital 125,000 Drawings - owners. 25.000 Purchases 160,000 Wages Opening inventories 30,000 25,000 Travelling expenses 35,000 Plant and machinery 55,000 Furniture 45,000 Acc. depreciation – Plant and Machinery 32,000 Acc. Depreciation - Furniture Cash and cash equivalents 18,000 45,000 Accounts receivable 30,000 Accounts payable 33,000 Bank loan 50,000 Rent expenses 20,000 Marketable securities 60,000 Purchase returns 12,000 Sales returns 25,000 Miscellaneous expenses 22,000 Stationery expenses 28,000 Salary expenses 45,000 Sales 360,000 Service revenue 15,000 Interest income 5,000 Total 650,000 650,000 1. Closing inventory was RO. 30,000 2. Stationary expenses of RO. 4,500 were outstanding. 3. Prepaid Service Revenue was RO. 7500 4. Depreciation rate for Plant & Machinery is 15% per annum and depreciation expenses for Furniture is RO. 2000 per annum.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.23E: Unusual income statement items Assume that the amount of each of the following items is material to...

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