Corporate Accounting

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5. From the following Trial Balance extracted from the Books of Maheen and Parveen. Prepare Trading, Profit & Loss and Balance Sheet for the year ended 31.12.2003 (3 Marks) Note: Replace 'xxx'in the place of Opening stock & Sales for the partners Maheen & Parveen with the last 3 digits of your ID Number Debit balances Amount(OMR) Credit balances Amount (OMR) Cash at Bank 15,000 Sundry Creditors 18.000 Accounts Receivable 7,000 Sales 112.xxx Purchases 70,000 Capital: Maheen 15,000 Carriage Inward 3,000 Parveen 30,000 Carriage Outward 600 Reserve for bad & doubtful debts 3,000 General Expenses 6,000 Interest received 430 Buildings 20,000 Bills Payable 9,000 Motor Trucks 10,000 Furniture 5,000 Sales return Sundry Debtors 5,000 Opening stock 20.XXX Cash in hand 10,000 Insurance 1,700 Bad Debts 330 Audit fees 5,000 Discount 500 Travelling Expenses 800 Investment 7,000 500 187,430 187,430 Adjustments: 1. They shared their Profits & Losses in equal sharing ratio. 2. Travelling expanses prepared OMR 400 3. The closing stock is valued at OMR 7,700 4. Insurance prepaid OMR 700 5. Interest on capital 5% Solution: Dr. In the books of Ms. Maheen & Parveen Cr. Trading and Profit & Loss Account OR Income Statement For the year ended 31" December 2003 Particulars Amount(RO) Amount(RO) Particulars Amount(RO) Amount(RO) Profit & Loss Appropriati account Particulars Amount(OMR) Particulars Amount(OMR) Dr. Cr. Partner's Capital Account Particulars Maheen Parveen Particulars Maheen Parveen Balance Sheet of Maheen & Parveen Liabilities Amount(RO) Amount(RO) Assets Amount(RO) Amount(RO)