Question
Balance Sheet At the Start of Year 2019 Liabilities and Capital Rs. Equity Retained Earnings 1,000,000 800,000 Long Term Loan 750,000 Bonds Payable (11%
Balance Sheet At the Start of Year 2019 Liabilities and Capital Rs. Equity Retained Earnings 1,000,000 800,000 Long Term Loan 750,000 Bonds Payable (11% per year) 600,000 Lease Payable Accounts Payable Accrued Expenses Notes Payable Total Assets Land Building Acc. Dep. Building Plant and Machinery 500,000 200,000 80,000 120,000 4,050,000 300,000 900,000 250,000 1,150,000 Acc. Dep. Plant and Machinery 270,000 Office Equipment 1,000,000 Acc. Dep. Office Equipment -230,000 Furniture and Fixtures 390,000 Acc. Dep. Furniture and Fixtures-180,000 Vehicles 680,000 Acc. Dep. Vehicles -140,000 Stock in Trade 190,000 Accounts Receivable 130,000 Prepaid Expenses (12 months) 120,000 Cash 80,000 Bank 180,000 Total 4,050,000 Transactions in the year 2019. January 1. Sold a car for Rs. 2. Deposited Rs. cash. of the proceeds from the sale of car in a bank account opened in the name of the business. 3. Purchased for Rs. used as an office. Paid Rs. a small building to be cash and signed a note payable promising to pay the balance over a period of years. 4. Purchased office equipment from the market Rs. 5. Took office equipment from home for use in the business. The equipment had a Rs.. fair value. 6. Purchased office supplies for cash, Rs. 7. Purchased office furniture on credit, on four equal installments Rs. 8. Purchased goods from Alpha Suppliers Rs. 9. Sold goods on Credit to Zampa Corporation Rs. 10. Paid a local newspaper Rs. for a notice of the
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