Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following is the trail Balance of Mr. Mathew as of March 31s t 2022, you are required to prepare the trading, Profit and loss

image text in transcribed
image text in transcribed
The following is the trail Balance of Mr. Mathew as of March 31s t 2022, you are required to prepare the trading, Profit and loss Account for the ending March 31st 2023. Balance as on date after making the necessarv adiustments 1. Stock on March 31st, 2023, was valued at $775,000. 2. Provision for Bad and Doubtful Debts @ 5% is to be created. 3. Depreciate Furniture and fittings by 10% and Motor Car by 20% 4. Proprietor had withdrawn good worth $25000 during the years. 5. Salesmen are entitled to a commission of 5% on total sales. 6. Debtors included $25,000 bad debts. 7. Purchases include $50,000 worth of furniture. 8. Prepared Insurance $5,000

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

Step: 3

blur-text-image

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

Management Accounting And Strategic Human Resource Management

Authors: John Innes, Reza Kouhy

1st Edition

1859714862, 978-1859714867

More Books

Students also viewed these Accounting questions

Question

How autonomous should the target be left after the merger deal?

Answered: 1 week ago