Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31 March, 2016...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31" March, 2016 Debit Balances Amt Amt 1,04,000 1,95,300 11,300 28,000 24,200 62,400 48,300 6,300 25,100 30,000 4,500 9,300 18,700 4,700 Purchases and sales Salary Stock Sundry Debtors and Creditors Bills Receivable and Bills Payable Land and Buildings 36,000 18,100 Return 2,600 Wages Bank Insurance Advertisement Furniture Rent and taxes 4,800 1,20,000 3,76,800 3,76,800 Interest Capital Adjustments : 1) Closing stock valued 37,500 2) Depreciate Furniture by 10% and Land and Building by 5% . 3) On 31 March, 2016, goods worth 3,000 purchased, included in closing stock, but recorded in the books of account. 4) Prepaid insurance 1,500 5) Outstanding salary 3,400 and wages 4,700. 6) Write off 1,200 as bad debts and provide reserve for doubtful debts @5% on deb Prepare Trading and Profit and Loss account for the year ended 31 March, 2016 Balance Sheet on that date. (GP=64,300, NP=30,765, B/s =2,15,965) Mrs.Swati 's trial balance was as follows. Trial Balance for the year ended 31" March, 2016 Debit Balances Amt Amt 1,04,000 1,95,300 11,300 28,000 24,200 62,400 48,300 6,300 25,100 30,000 4,500 9,300 18,700 4,700 Purchases and sales Salary Stock Sundry Debtors and Creditors Bills Receivable and Bills Payable Land and Buildings 36,000 18,100 Return 2,600 Wages Bank Insurance Advertisement Furniture Rent and taxes 4,800 1,20,000 3,76,800 3,76,800 Interest Capital Adjustments : 1) Closing stock valued 37,500 2) Depreciate Furniture by 10% and Land and Building by 5% . 3) On 31 March, 2016, goods worth 3,000 purchased, included in closing stock, but recorded in the books of account. 4) Prepaid insurance 1,500 5) Outstanding salary 3,400 and wages 4,700. 6) Write off 1,200 as bad debts and provide reserve for doubtful debts @5% on deb Prepare Trading and Profit and Loss account for the year ended 31 March, 2016 Balance Sheet on that date. (GP=64,300, NP=30,765, B/s =2,15,965)
Expert Answer:
Answer rating: 100% (QA)
Solution ABC Corporation Balance Sheet December 31 2019 ASSETS Current Assets Bank 30000 Accounts Re... View the full answer
Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
Posted Date:
Students also viewed these accounting questions
-
The following particulars relating to the year ended 31 March 20X3 have been extracted from the books of Heel and Toe, footwear wholesalers. All sales have been recorded in personal accounts in the...
-
The following particulars relating to the year ended 31 March 20X3 have been extracted from the books of a trader:...
-
The following figures relating to the year ended 31 March 20X3 have been extracted from the books of a manufacturer: ............................................................... Total of sales...
-
Lauren Smith was relaxing after work with a colleague at a local bar. After a few drinks, she began expressing her feelings about her company's new control initiatives. It seems that as a result of...
-
Use VP / T = V'P' / T' to find each quantity. (All pressures are absolute unless otherwise stated). 1. P = 825 psi, T = 575R, V' = 1550 in3, P' = 615 psi, T' = 525R; find V. 2. V = 500 in3, T = 500R,...
-
Temple Corporation acquired 75 percent of Dynamic Corporations voting common stock on December 31, 20X4, for $390,000. At the date of combination, Dynamic reported the following: At December 31,...
-
What considerations are relevant when determining whether specialized CIS skills are needed?
-
Value-added, nonvalue-added costs. The Marino Repair Shop repairs and services machine tools. A summary of its costs (by activity) for 2011 is as follows: a. Materials and labor for servicing machine...
-
\f
-
An entertainment company has a net income goal of $19,000/Month. Sales are currently $600,000 annually and fixed costs run $95,000 each year? The company has just launched a new brand campaign that...
-
The measured resistance force of the automobile moving with a speed corresponding to the Mach number of M = 0,075 is R = 511 Newtons. The weight density of the air is = 1,297 kgf/m3 . given. In the...
-
You run a firm focused on convenience stores that is considering entry into the frozen food market.This is a billion dollar market (in annual sales) of which you believe you can capture market share...
-
Problem Statement Design a modular program using pseudo-code which prompts a user for their first name, followed by their last name; then displays a "Hello" salutation which concatenates their first...
-
If the tensile modulus for an unfilled elastomer is 5.0x10 6 Pa, what value would it have if it were filled to volume fraction of 0.5 (50%)?
-
Ms. Janice Meyers, the company president, has heard that there are multiple breakeven points for every product. She does not believe this and has asked you to provide the evidence of such a...
-
Note: Please write your answer on a piece of paper and scan and upload the handwritten answers using the QR Code available in the Scan and Upload Section of this exam. You have collected the...
-
The American Softball Congress is willing to bring a national championship to Gils place. It wants $30,000 for the rights to host the tournament. The tournament will bring in around 50 teams over a
-
In your readings, there were many examples given for nurturing close family relationships in this ever-evolving technological society we live in Based upon your readings and research describe three...
-
Indicate whether each of the following statements is true or false by placing a tick () in the appropriate column. True or false? True False Auditors are appointed by directors. b Auditors report to...
-
The last two years' statements of financial position of STB Ltd at 31 March are as follows. Additional information: The operating profit for the year ended 31 March 2015 was $30 000 (2014: $85 000)....
-
Referring to information in Questions 2 and 4, calculate the total value of Thespa plc's closing inventory assuming that: 4 per cent of the annual production of matons remains unsold 6 per cent of...
-
Classifying fixed and variable costs Classify each of the following items of factory overhead as either a fixed or a variable cost. (Include any costs that you consider to be semi variable within the...
-
High-low methods Pine Mountain Company has accumulated the following data over a sixmonth period: Separate the indirect labor into its fixed and variable components, using the high-low method....
-
Arnold Company has owned 100 percent of Van Rossum Company since 20x6. The income statements of these two companies for the year ended December 31, 20x7, follow. The following is additional...
Study smarter with the SolutionInn App