Answered step by step
Verified Expert Solution
Question
1 Approved Answer
2,60,000 86,000 Machinery Furniture Creditors Capital Loan from a friend, Sam Sales Purchase Commission Salary Sales returns Grand Total 48,000 3,40,000 80,000 1,80,000 1,00,000 20.000
2,60,000 86,000 Machinery Furniture Creditors Capital Loan from a friend, Sam Sales Purchase Commission Salary Sales returns Grand Total 48,000 3,40,000 80,000 1,80,000 1,00,000 20.000 10,000 10,000 6,52,000 6,52,000 Additional information: 1. Closing stock Rs 50,000 2. Outstanding salary Rs 2,000 3. Bad debts on debtors Rs 6,000 4. Depreciation on Machinery @10% p.a. [12] Question No: 03 Prepare the Profit/Loss account and Balance Sheet from the given information: Trial Balance for the period of 31st March 20XX Amount Cr. Amount Dr. 56,000 24,000 86,000 4,000 2.60,000 86.000 Ledger accounts Loose tools Cash Debtors Rent Machinery Furniture Creditors Capital Loan from a friend, Sam Sales Purchase Commission Salary Sales retums Grand Total 48,000 3.40.000 80,000 1,80,000 1,00.000 20,000 10,000 10,000 6,52,000 6,52,000 Question No: 03 2,60,000 86,000 Machinery Furniture Creditors Capital Loan from a friend, Sam Sales Purchase Commission Salary Sales retums Grand Total 48,000 3,40,000 80,000 1,80,000 1,00,000 20,000 10,000 10,000 6,52,000 6,52,000 Additional information: 1. Closing stock Rs 50,000 2. Outstanding salary Rs 2.000 3. Bad debts on debtors Rs 6.000 4. Depreciation on Machinery @10% p.a
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started