Question
QUESTION NO.2 The following are the details of accounts of Mr. Abdullah Account Details Amount Capital at the beginning 150,000 Purchases 153,750 Drawings 8,230 Salaries
QUESTION NO.2
The following are the details of accounts of Mr. Abdullah
| Account Details | Amount |
| Capital at the beginning | 150,000 |
| Purchases | 153,750 |
| Drawings | 8,230 |
| Salaries Expense | 24,370 |
| Return Inwards | 2,920 |
| Account Receivables | 148,760 |
| Sales Revenue | 252,470 |
| Merchandise inventory beginning | 37,240 |
| Stationery | 1,720 |
| Advertisement expenses | 16,750 |
| Accounts Payables | 64,000 |
| Discount received from suppliers | 6,000 |
| Machinery at cost | 28,800 |
| Motor Vehicle at cost | 50,740 |
| Bank Overdraft | 10,000 |
| Bank loan (long term) | 35,000 |
| Transportation on purchases | 4,840 |
| Transportation on sales | 8,630 |
| Cash at bank | 30,720 |
| Capital at the beginning | 150,000 |
| Purchases | 153,750 |
| Drawings | 8,230 |
Other Information:
1. Closing Stock on December 31, 2019 OMR 16.500
2. Salaries outstanding OMR 6,000
3. Rent paid in advance OMR 2,000
4. Commission earned but not received OMR 10,000
5. Depreciate machinery by 10%
Required:-
- Prepare Income Statement for the year ended 31st December 2019. (2 Marks)
- Balance Sheet as on 31st December 2019. (3 Marks)
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Managerial Accounting For Undergraduates
Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.
1st Edition
1618531123, 9781618531124
