Question
Prepare the Profit/Loss account and Balance Sheet from the given information: Trial Balance for the period of 31 st March. 20XX Ledger accounts Amount Dr.
- Prepare the Profit/Loss account and Balance Sheet from the given information:
Trial Balance for the period of 31st March. 20XX
| Ledger accounts | Amount Dr. | Amount Cr. |
| Loose tools | 56,000 |
|
| Cash | 24,000 |
|
| Debtors | 86,000 |
|
| Rent |
| 4,000 |
| Machinery | 2,60,000 |
|
| Furniture | 86,000 |
|
| Creditors |
| 48,000 |
| Capital |
| 3,40,000 |
| Loan from a friend, Sam |
| 80,000 |
| Sales |
| 1,80,000 |
| Purchase | 1,00,000 |
|
| Commission | 20,000 |
|
| Salary | 10,000 |
|
| Sales returns | 10,000 |
|
| Grand Total | 6,52,000 | 6,52,000 |
Additional information:
- Closing stock Rs 50,000
- Outstanding salary Rs 2,000
- Bad debts on debtors Rs 6,000
Depreciation on Machinery @10% p.a.
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Financial Accounting and Reporting
Authors: Barry Elliott, Jamie Elliott
14th Edition
978-0273744535, 273744445, 273744534, 978-0273744443
