Question
Question 1: The following balances were taken from Mazoon Company 31.12.2019 [3.5 Marks] Account's name R.O Sales 15 000 Sales Returns 1 500 Purchases Returns
Question 1: The following balances were taken from Mazoon Company 31.12.2019
[3.5 Marks]
Account's name | R.O |
Sales | 15 000 |
Sales Returns | 1 500 |
Purchases Returns | 2 000 |
Opening Stock | 3 000 |
Rent Revenues | 1 000 |
Interest Expenses | 1 200 |
Salaries | 1 800 |
Electricity Expenses | 400 |
Phone Expenses | 600 |
Depreciation Expenses | 1 000 |
Interest Revenues | 1 500 |
Cash | 10 000 |
Creditors = Accounts Payable | 3 000 |
Buildings | 7 000 |
Cars | 8 000 |
Overdraft | 2 500 |
Debtors = Accounts receivable | 1 000 |
Bank | 20 000 |
Furniture | 6 000 |
Land | 3 500 |
Loans | 6 500 |
Marketable Securities | 4 500 |
Machines | 3 500 |
Purchases | 8 000 |
Capital | ?? |
Closing Stock was 3 500 as on 31/12/2019
You are required to:
1. Organize Trial balance and find out capital.
2. Prepare Trading account profit and loss account.
3. Income Statement.
4. Prepare Balance sheet.
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