Question
Particulars (Name of Accounts): Capital and Drawings: Rushabh: 20,000 (Debit) | 1,00,000 (Credit) Yesha: 14,000 (Debit) | 50,000 (Credit) Purchase and Sales: 1,40,000 (Debit) |
Particulars (Name of Accounts):
Capital and Drawings:
Rushabh: 20,000 (Debit) | 1,00,000 (Credit) Yesha: 14,000 (Debit) | 50,000 (Credit)
Purchase and Sales: 1,40,000 (Debit) | 2,60,500 (Credit) Debtors and Creditors: 90,000 (Debit) | 60,000 (Credit) Sales Return and Purchase Return: 2,000 (Debit) | 3,000 (Credit) Bills Receivable and Bills Payable: 15,000 (Debit) | 20,000 (Credit) Cash Balance and Bank Overdraft: 1,000 (Debit) | 14,000 (Credit) Bad Debts and Provision for Doubtful Debts: 400 (Debit) | 1,300 (Credit) Wages and Outstanding Wages: 35,000 (Debit) | 2,000 (Credit) Machinery: 40,000 (Debit) Furniture: 12,000 (Debit) Opening Stock of Goods: 46,100 (Debit) Prepaid Insurance: 200 (Debit) Salaries: 23,000 (Debit) Insurance Premium: 2,000 (Debit) Rent Taxes: 12,000 (Debit) Advertisement Expenses: 2,900 (Debit) Goodwill: 72,000 (Debit) Leasehold Building: 14,000 (Debit) 5% Loan (From 1/11/18): 30,000 (Credit)
Total Debit: 5,41,600 Total Credit: 5,41,600
Adjustments:
- Closing stock is $ 90,000. Its market value is 20% more than its value. -Calculate interest on capital @ 7% p.a. -Interest on drawings to be charged from partners: Rushabh $1000, Yesha $700. -Provision for doubtful debts is to be kept at 5%. -Outstanding expenses at the end of the year: Rent $1300, Salary $750. -Provided depreciation at 12% on machinery and at 7% on furniture. -Write off $5,500 from leasehold building. -Assume $1 is equal to BDT 106. (BDT = Bangladeshi Taka) -Company pays tax at at rate of 10%
1) i. Prepare an income statement. (Multi-step) ii. Prepare partnership appropriation accounts. iii. Prepare a balance sheet. iv. Please calculate the personal tax in BDT for each partner following Bangladeshi tax laws.
2) From the trial balance and above (ignore that its a partnership company) prepare a cash flow statement.
Opening balance for creditors (Accounts payable) is $70000, and debtors (accounts receivable) is $95000. Cash at the beginning of the year was $7000. There was no prepaid or owing expenses at the beginning of the year. Bills receivable decreased by 1000 and bills payable increased by 1500.
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