FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 2 (10 Marks) From the information given below for Riya& Luc enterprises, prepare Trading and Profit and Loss Account for the year ending 31st

image text in transcribed
Question 2 (10 Marks) From the information given below for Riya& Luc enterprises, prepare Trading and Profit and Loss Account for the year ending 31st December, 2020 from following information: Stock (1-1-2020) Purchases Wages Carriage Purchases returns Export duty Sales Coal & coke Sales returns Printing & stationery Stock (31-12-2020) 2,00,00 Salaries 2,55,00 Rent, rates & taxes 1,00,00 Depreciation 5,00 Repairs 13,25 Discount allowed 9,00 Bad debts 5.75,00 Advertisement 25,00 Gas & water 10,00 Factory lighting 2.25 General expenses 3,00,00 30,00 12,00 3,02 6,00 12,50 9,00 2,50 1.50 2.50 4.00 3.00,00

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers

Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers

Authors: Karen Berman, Joe Knight

1st Edition

1422119157, 9781422119150

More Books

Students also viewed these Accounting questions

Question

★★★★★
The following elements of stockholders equity are adapted from the balance sheet of Sandler Corporation. Stockholders Equity $ Thousands Preferred Stock, cumulative, $2 par , 65,000 shares issued and...

Answered: 1 week ago

Question

★★★★★
Two beakers contain clear, colorless liquids. When the contents of the beakers are mixed a white solid is formed. (a) Is this an example of a chemical or a physical change? (b) What would be the most...

Answered: 1 week ago

Question

★★★★★
A computer selects decimal digits of a random number in the interval (0, 1) with equal probability among the digits 0, 1, 2,,

Answered: 1 week ago

Question

★★★★★
Refer to the information in QS and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of the...

Answered: 1 week ago

Question

★★★★★
Group Purchase Lump Sum Purchase Price: Smith Co. paid $100,000 to acquire land, building, and equipment. At the time of the acquisition, appraisal values for the individual assets were determined...

Answered: 1 week ago

Question

★★★★★
Coolbrook Company has the following information available for the past year. Sales revenue Cost of goods xold and operating expenses Net operating income Average invested assets River Division...

Answered: 1 week ago

Question

★★★★★
Dying for a Paycheck, Jeffrey Pfeffer. The toll in both excess mortality and health-care costs from harmful workplace practice is exceedingly high in the U.S. Pfeffer demonstrates the severity of the...

Answered: 1 week ago

Question

★★★★★
GIS Introductions This class utilizes a 100% online environment as mode of instructions plus workshops. This short introduction will help others to welcome and get to know you. It also functions as...

Answered: 1 week ago

Question

★★★★★
Item 3 Determine the horizontal and vertical components of force that pin A exerts on the frame. Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
You are required to present a scenario that happened at an organizationof your choosing and illustrate how individual employee characteristics, such as personality and attitudes, motivational...

Answered: 1 week ago

Question

★★★★★
How COVID-19 impacted and changed the supply chain of transportation?

Answered: 1 week ago

Question

★★★★★
What is the submission deadline for the final report?

Answered: 1 week ago

Question

★★★★★
What is the indicative word limit?

Answered: 1 week ago

Question

★★★★★
What is the first stage of the research process? a Designing a questionnaire. b Identifying a suitable topic. c Completing the literature review. d Evaluating secondary data.

Answered: 1 week ago

Previous Question Next Question