Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Answer all the following Questions. Question 1: The following balances were taken from Mazoon Company 31.12.2019 [10 Marks] Account's name R.O Sales 7500 Sales
Answer all the following Questions. Question 1: The following balances were taken from Mazoon Company 31.12.2019 [10 Marks] Account's name R.O Sales 7500 Sales Returns 750 Purchases Returns 1000 Opening Stock 1500 Rent Revenues 500 Interest Expenses 600 Salaries 900 Electricity Expenses 200 Phone Expenses 300 Depreciation Expenses 500 Interest Revenues 750 Cash 5 000 Creditors Accounts Payable 1500 Buildings Cars Overdraft 3.500 4000 1250 Debtors Accounts receivable 500 Bank 10 000 Furniture 3000 Land 1 750 Loans 3250 Marketable Securities 2250 Machines 1750 Purchases 4 000 Capital Closing Stock was 3 500 as on 31/12/2019 You are required to: 1. Organize Trial balance and find out capital. [2 Marks] 2. Prepare Trading account profit and loss account. [3Marks] 3. Income Statement. [3 Marks] 4. Prepare Balance sheet. [2 Marks]
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