Question
Progressive Enterprise Trial Balance As at 30th June, 2021 Particulars Dr. Balances Cr. Balances Land and building 50,000.00 Purchases 2,10,000.00 Opening stock 45,000.00 Returns inward
Progressive Enterprise
Trial Balance
As at 30th June, 2021
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| Particulars | Dr. Balances | Cr. Balances | |
| Land and building | 50,000.00 |
| |
| Purchases | 2,10,000.00 |
| |
| Opening stock | 45,000.00 |
| |
| Returns inward | 1,500.00 |
| |
| Returns outward |
| 2,500.00 | |
| Wages | 45,300.00 |
| |
| Salaries | 39,000.00 |
| |
| Office expenses | 15,400.00 |
| |
| Carriage inwards | 1,200.00 |
| |
| Carriage outwards | 2,000.00 |
| |
| Discount allowed | 750.00 |
| |
| Discount received |
| 1,200.00 | |
| Bad debts | 1,200.00 |
| |
| Sales |
| 3,85,000.00 | |
| Capital account |
| 1,15,000.00 | |
| Loan |
| 25,000.00 | |
| Insurance | 1,500.00 |
| |
| Commission |
| 1,500.00 | |
| Plant and machinery | 50,000.00 |
| |
| Furniture and fixtures | 20,000.00 |
| |
| Notes receivable | 20,000.00 |
| |
| Accounts receivables | 40,000.00 |
| |
| Accounts payable |
| 25,000.00 | |
| Cash at bank | 16,000.00 |
| |
| Office equipments | 12,000.00 |
| |
| Notes payable |
| 12,350.00 | |
| Expenses payable |
| 3,300.00 | |
| Total | 5,70,850.00 | 5,70,850.00 | |
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Required : Prepare necessary closing journals entries.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
