The following is the trial balance of Mr. Deepak as on March 31, 2005. You are required
Question:
The following is the trial balance of Mr. Deepak as on March 31, 2005. You are required to prepare trading account, profit and loss account and a balance sheet as on date :
Closing stock Rs. 35,000.
Transcribed Image Text:
Account title Drawings Insurance General expenses Rent and taxes Lighting (factory) Travelling expenses Cash in hand Bills receivable Sundry debtors Furniture Plant and Machinery Opening stock Purchases Sales return Carriage inwards Carriage outwards Wages Salaries Debit Amount Rs. 36,000 3,000 29,000 14,400 2,800 7,400 12,600 5,000 1,04,000 16,000 1,80,000 40,000 1,60,000 6,000 7,200 1,600 84,000 53,000 Account title Capital Bills payable Creditors Discount recived Purchases return Sales Credit Amount Rs. 2,50000 3,600 50,000 10,400 8,000 4,40,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 0% (1 review)
Trading Account Particulars Amount Rs Particulars Amount Rs Sales 440000 Opening Stock 40000 Less Sa...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...
-
The points U(-3,-7),V(1,-7),W(4,-3), and x(0,-3) form parallelogram UVWX. Plot the points then click the "Graph Quadrilateral" button. Then find the perimeter of the parallelogram. Round your answer...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
If the molecular weight of air is 28.9, what is the density of air at atmospheric pressure and a temperature of 328.2 K? 1 atm = 1.013 x 10 5 N/m, the mass of a proton is 1.67262 x 10 -27 kg,...
-
Use the five W's to determine if the sales process requires different sales roles.
-
Use recursion to implement a method public static boolean find(String text, String str) that tests whether a given text contains a string. For example, find("Mississippi", "sip") returns true. Hint:...
-
Prepare a profit and loss account to determine gross and net profit from the following information: Use the blank account sheet provided. $ $ Sales 214,000 Sale returns 21,000 Purchases 138,000...
-
Bacala Corporation incurred the following costs while manufacturing its product.. Instructions(a) Identify each of the costs as direct materials, direct labor, manufacturing overhead, or period...
-
1. State the degree and the leading coefficient of each polynomial (K) a. y = 2x3 +3x-1 b. y 21-2x+4x-6x3
-
Prepare trading and profit and loss account and balance sheet from the following particulars as on March 31, 2005. Closing stock Rs. 30,000. Account Title Purchases and Sales Return inwards and...
-
The following is the trial balance of Manju Chawla on March 31, 2005. You are required to prepare trading and profit and loss account and a balance sheet as on date : Closing stock Rs. 2,000. Account...
-
What are the largest and smallest resistances you can obtain by connecting a 36.0-, a 50.0-, and a 700- resistor together?
-
List the four general groups of audit procedures applied to subsequent events.
-
State the objectives of the audit of subsequent events.
-
What types of reports may a U.S. auditor issue on financial statements prepared in conformity with accounting principles generally accepted in another country that are for use only outside the United...
-
What actions should an auditor take if a material error is found in the financial statements after delivery of his or her audit report?
-
The auditor's standard report should be titled, and the title should include the word a. Standard. c. Independent. b. Opinion. d. Audit.
-
The income statement of a merchandising company includes a major type of cost that does not appear in the income statement of a service-type business. Identify this cost and explain what it...
-
The pendulum consists of two rods: AB is pin supported at A and swings only in the y-z plane, whereas a bearing at B allows the attached rod BD to spin about rod AB. At a given instant, the rods have...
-
The Sycamore Company has inventories which include the following four items: What amount should be reported as total inventory in respect of these three items? Purchase cost Selling price Cost of...
-
On reviewing the financial statements, the company accountant discovers that an amount of 154,000 owed by a customer will be irrecoverable because the customer has fled the country. What will be the...
-
The Washing Machine Repair Company gives a warranty of no-cost rectification of unsatisfactory repairs. It has revenue from repair contracts recorded as: Year ______________ Amount of revenue...
-
Iverson, Inc. has $1,296,000 of sales revenue, $706,000 of variable costs, and $659,000 of fixed costs in 2023. Assuming the contribution margin percentage stays the same in 2024, what will the break...
-
You are considering using an asset that you did not develop, and you correctly assume that it is protected by IPR. Before using the work, what should you do? Choose all that apply and then select...
-
Cash received from a customer for unearned subscription revenue can initially be recorded as either a(n) (revenue/expense) or a(n) (liability/expense). No matter how an unearned revenue was initially...
Study smarter with the SolutionInn App