The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Balance 830 000 18 000 Accounts Repair Interest received Balance 7 000 25 000 Purchases 480 000 Revenue 70 000 Purchases return Creditors Freight out 90 000 Sales allowance 20 000 2 000 000 Loan 3 000 000 Import customs Beginning inventory Sales discount 165 00 22 000 Purchases allowance 25 000 90 000 Purchases discount Building 10 000 8 000 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission | lighting Purchases expenses Depreciation cash Ending inventory 21 000 Salaries 120 000 14 000 Rent 80 000 26 000 Sales return 12 000 18 000 Bank 10 000 000 1 200 000 Debtors 2 000 000 65 000 Capital 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)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question
Q1_
The following balances appeared in the trail balance for the year 2020 of AL-Nada co?
Balance
7 000
Accounts
Sales
Purchases commission
Purchases
Purchases return
Creditors
Freight out
Purchases allowance
Balance
830 000
18 000
Accounts
Repair
Interest received
Revenue
25 000
480 000
70 000
90 000
Sales allowance
20 000
3 000 000
22 000
2 000 000
Loan
Import customs
Beginning inventory
Sales discount
165 00
25 000
90 000
Purchases discount
10 000
8 000
Building
5 000 000
Sales insurance
20 000
Cars
18 000 000
Purchases insurance
10 000
Sales commission
lighting
Purchases expenses
Depreciation
21 000
14 000
Salaries
120 000
Rent
80 000
26 000
Sales return
12 000
10 000 000
2 000 000
18 000
Bank
1 200 000
65 000
cash
Debtors
Ending inventory
Capital
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)
Transcribed Image Text:Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Balance 7 000 Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Balance 830 000 18 000 Accounts Repair Interest received Revenue 25 000 480 000 70 000 90 000 Sales allowance 20 000 3 000 000 22 000 2 000 000 Loan Import customs Beginning inventory Sales discount 165 00 25 000 90 000 Purchases discount 10 000 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission lighting Purchases expenses Depreciation 21 000 14 000 Salaries 120 000 Rent 80 000 26 000 Sales return 12 000 10 000 000 2 000 000 18 000 Bank 1 200 000 65 000 cash Debtors Ending inventory Capital 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)
Expert Solution
steps

Step by step

Solved in 4 steps

Blurred answer
Knowledge Booster
Sales Tax, Restaurant Tax and Lodging Taxes
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education