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Q#01) Pre-closing Trial Balance of ABC Ltd. on Dec. 31, 2010 was as follows: Merchandise Inventory on Dec. 31, 2010 was valued at Rs. 9,000.

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Q\#01) Pre-closing Trial Balance of ABC Ltd. on Dec. 31, 2010 was as follows: Merchandise Inventory on Dec. 31, 2010 was valued at Rs. 9,000. The authorised capital of the company is Rs. 300,000 divided into 30,000 ordinary shares of Rs. 10 each. Required Prepare: a) Income Statement for the year ended Dec. 31, 2010. b) Balance Sheet as of Dec. 31, 2010 in Classified Form

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