Question
Dadex Corporation provided following information at the end of year 2016. Trial Balance 31 st December 2016 Title of Account Debit Credit Cash Office supplies
Dadex Corporation provided following information at the end of year 2016.
Trial Balance
31st December 2016
Title of Account | Debit | Credit |
Cash Office supplies A/c Receivable Merchandise Inventory-beginning Purchases Sales discount Carriage-in Plant Accumulated depreciation-Plant Allowance for bad debts Short term investment Accumulated depreciation-Building A/c Payable Bank overdraft Sales revenue Selling expense Administrative expense Financial charges Long-term loan Retained Earnings Capital Building | 75600 5000 175000 63000 475000 12000 15000 600000
55000
65800 60000 18600
500,000 |
120000 12500
5500 45000 100000 965000
300000 22000 550,000
|
| 21,20,000 | 21,20,000 |
Additional information:
- Merchandise inventory-ending Rs.75000
- Depreciation on plant and building at 2% and 3%.
- Tax rate is 10%
Required:
1) Prepare Income Statement clearly showing EBIT, EAT. (5)
2) Prepare Classified Balance sheet (5)
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