Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Messer's Alpha Enterprises. a sole Trader, presents before you the following Trial Balance {Unadjusted} for the year ending 30 November 2020: Ru ees in '0001

image text in transcribed
Messer's Alpha Enterprises. a sole Trader, presents before you the following Trial Balance {Unadjusted} for the year ending 30 November 2020: Ru ees in '0001 Dr. Balances Rupees Cr. Balances Rupees Land 8.000 Sales Revenue 85,000 Building 25.000 Purchases Returns 1,000 Plant and Machinery 15.000 Sundry Creditors 3,000 Furniture and Fittings 5,000 Loan 5,000 Sundry Debtors 3,000 Capital 30.000 Opening Inventory 500 Cash at Hand 5,000 Cash at Bank 12.000 Salaries (50:50] 8.000 Wages 2,000 Trade Expenses 1,000 Bad Debts 500 Stationery Items [50:50} 1,000 Other Expenses [50:50] 1,000 Purchases 32.000 Carriage Outward 2,000 Carriage Inward 1,000 Sales Returns 2,000 Total 124,000 Total 124,000 Adjustments: Building, Plant and Machinery, and Furniture and Fittings @10%, 20% and 25% respectively on Straight-line Basis; Salaries for September amounting to Rs. 600,000 were yet payable; Other Expenses amounting to Rs. 200,000 were outstanding; Inventory on 30 November was Rs. 1,500,000. Trade Expenses payable were Rs. 100,000. Sales worth Rs. 2,000,000 were yet receivable. Provision for Taxation is to be made @ 30%. Interest is to be charged @ 5% p.a. Loan is repayable in ve equal instalment; The ratio of distribution. between Admin. s Mktg. Expenses, is given within table. For the rest of expenses, you yourself will be assessing the I'daturear Category of Expense [C065, Amin.. Mktg etc.}. Required: Prepare a Worksheet in MS-Excel [only]: depicting Unadjusted Trial Balance, Adjustments, and Adjusted Trial Balance. Moreover, prepare the Income Statement and Balance Sheet (only two financial statements} for the year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Libby, Patricia A Libby

7th Edition

0078111021, 9780078111020

More Books

Students also viewed these Accounting questions

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago

Question

1. Background knowledge of the subject and

Answered: 1 week ago