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accouting question please solve the question on page(hand written) in detail. From the following Trial balance of Spindle Traders, Prepare Trading and Profit and Loss
accouting question
please solve the question on page(hand written) in detail.
From the following Trial balance of Spindle Traders, Prepare Trading and Profit and Loss Account for the year ending 31st March 2015 and a Balance Sheet at that date: Details Stock on 1.4.2014 Drawings Furniture Bills receivable Cash in hand Purchases Amounts Details 36,000 Discount received 16,800 Unearned commission 7,200 Returns 36,000 Bad debts provision 18,000 Sales 144.000 Bank loan at 15% 12.000 Creditors 30.000 Bills Payable 6,000 Capital 6.000 60,000 48,000 420,000 Total Amounts 1,800 6,000 24.000 12,000 180,000 24,000 22,200 30,000 120,000 Returns Establishment Charges Taxes and insurance Bad debts Sundry debtors Investment Total 420,000 Adjustments: a. Closing stock is valued at $54,000. b. Interest accrued on investment $ 2,520. c. Commission earned $1,200. d. Bad debts reserve is to be maintained at $12,000. e. Depreciate Furniture at 10%. f. Salaries $1,200 and taxes $ 4,800 are payable. g. Insurance prepaid is $600. h. Interest on bank load outstanding is $4,000. i Closing stock was valued at $375,360. From the following Trial balance of Spindle Traders, Prepare Trading and Profit and Loss Account for the year ending 31st March 2015 and a Balance Sheet at that date: Details Stock on 1.4.2014 Drawings Furniture Bills receivable Cash in hand Purchases Amounts Details 36,000 Discount received 16,800 Unearned commission 7,200 Returns 36,000 Bad debts provision 18,000 Sales 144.000 Bank loan at 15% 12.000 Creditors 30.000 Bills Payable 6,000 Capital 6.000 60,000 48,000 420,000 Total Amounts 1,800 6,000 24.000 12,000 180,000 24,000 22,200 30,000 120,000 Returns Establishment Charges Taxes and insurance Bad debts Sundry debtors Investment Total 420,000 Adjustments: a. Closing stock is valued at $54,000. b. Interest accrued on investment $ 2,520. c. Commission earned $1,200. d. Bad debts reserve is to be maintained at $12,000. e. Depreciate Furniture at 10%. f. Salaries $1,200 and taxes $ 4,800 are payable. g. Insurance prepaid is $600. h. Interest on bank load outstanding is $4,000. i Closing stock was valued at $375,360Step by Step Solution
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