Question
Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020: Account Debit Credit Owners Equity 48000 Accounts Receivable 17000
Q3: Following is the trial balance of Dhofar Company for the year ended 31st December 2020:
| Account | Debit | Credit |
| Owners Equity |
| 48000 |
| Accounts Receivable | 17000 |
|
| Accounts Payable |
| 20000 |
| Notes Payable |
| 4000 |
| Notes Receivable | 22000 |
|
| Bank | 38000 | 4000 |
| Salary expenses | 24000 |
|
| Rent | 9000 | 3000 |
| Insurance expenses | 6000 |
|
| Other Income |
| 14000 |
| Machinery | 52000 |
|
| Buildings | 63000 |
|
| Loan |
| 38000 |
| Sales |
| 194000 |
| Purchases | 44000 |
|
| Sales Return | 5000 |
|
| Purchase Return |
| 24000 |
| Opening Stock | 69000 |
|
| Total | 349000 | 349000 |
Other information is given:
- Closing stock is 12000 OMR.
- Depreciation charges for Building is 10% and Machinery is 20%
- Required:
Income statement as on 31.12.2020
Balance sheet as on 31.12.2020
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Frank Woods Business Accounting An Introduction To Financial Accounting
Authors: Alan Sangster, Lewis Gordon, Frank Wood
15th Edition
1292365439, 9781292365435
