Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please give me answers of these questions. Questions are at the bottom... required: a and b... The following balances are taken from the books of
Please give me answers of these questions. Questions are at the bottom...
required: a and b...
The following balances are taken from the books of accounts of Sanju Led on 30 June, 2004 Sanju Ltd. Trial balance as on 30.06.2004 Particulars Debit Crediti Account Receivable 29,000 Purchases 81,000 Allowance for doubtful accounts 16,000 Inventories 6,000 Furniture 10,000 Accumulated depreciation-Furniture 4,000 Buildings 1.40,000 Accumulated deprecintion Building 30,000 Cash 2.000 Bad debts 6,000 Salaries 20.000 Interest expense 4,000 Rent rates, taxes 6,000 Salesman's salaries 2.000 Freight in 7,000 Dividend 15,000 Sales 2,00,000 Interest Income 1,000 Bonds Paynble 10,000 Capital 60,000 Retained earnings (30.606, 2003) 7,000 Total 3.28,000 3,28,000 Adjustment are to be made as follows: 0 Inventory on hund in tk. 10,000 Depreciation on furniture is to be 10% a year. (ill) Buildings are depreciated at 5% per year. (iv) The allowance for doubtful account is to be increased to a balance of tk. 19,000. () Accrued salaries tk 2,000. (vi) Accrued interest on bonds tk 1,000 (vii) Accrued selling expense tk. 1,500 (vii) Income taxes are estimated to be 50% of the income before income taxes. Required: (a) Prepare a statement of comprehensive income. (6) Prepare a statement of Financial PositionStep 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