Question
Prepare the Statement of Profit and Loss Accounts for the year ending December 31, 2020 The following balances were obtained from the books of Hansle
Prepare the Statement of Profit and Loss Accounts for the year ending
December 31, 2020
The following balances were obtained from the books of Hansle Parchment for the year ending December 31, 2020
| DETAILS | DR | CR |
| Capital |
| 500,000 |
| Drawings | 17,500 |
|
| Loan |
| 450,000 |
| Commission Received |
| 62,000 |
| Office Expenses | 12,500 |
|
| Opening Stock | 45,000 |
|
| Insurance | 5,000 |
|
| Creditors |
| 15,500 |
| Utilities | 12,500 |
|
| Purchases | 415,550 |
|
| Debtors | 60,000 |
|
| Telephone Charges | 18,000 |
|
| Bank |
| 28,250 |
| Cash | 12,000 |
|
| Carriage Inwards | 3,050 |
|
| Sales |
| 810,550 |
| Wages and Salaries | 55,000 |
|
| Returns | 7,200 | 12,000 |
| Discounts | 8,000 | 5,500 |
| Land and Building | 472,500 |
|
| Fixtures and Fittings | 180,000 |
|
| Motor Vehicle | 320,000 |
|
| Machinery and Equipment | 240,000 |
|
|
| 1,883,800 | 1,883,800 |
End Note Stock at the end of the year is $80,000
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The New Controller Guidebook
Authors: Steven M. Bragg
4th Edition
1938910877, 9781938910876
