Question
The trial balance of Salman Construction Co. at June 30, 2021, follows Title of Account Debit Credit Cash 250000 Prepaid expenses 25000 A/c Receivable 170000
The trial balance of Salman Construction Co. at June 30, 2021, follows
Title of Account Debit Credit Cash 250000 Prepaid expenses 25000 A/c Receivable 170000 Marketable Securities 125000 Merchandise Inventory-beginning 53000 Purchases 325000 Purchases return 12000 Sales return 75000 Carriage-in 22000 Plant 850000 Accumulated depreciation-Plant 120000 Allowance for bad debts 12500 Furniture 450000 Accumulated depreciation 75000 A/c Payable 145000 Bank overdraft 50000 Sales revenue 950000 Selling expense 55000 Administrative expense 70000 Financial charges 12600 Long-term loan 250000 Other income 34200 Capital 650000 Retained Earning 183900 2482600 2482600
Additional information:
1. Merchandise inventory-ending Rs.45000
2. Depreciation on plant and furniture at 10% and 10%.
3. Tax rate is 20%
Fill the following boxes:
1. Net Sales
2. Cost of goods sold
3. Gross Profit
4. Depreciation expense for plant
5. Depreciation expense for Furniture
6. Total Operating Expense
7. Earning before tax
8. Net Profit
9. Total Current Assets
10. Total Non Current Assets
11. Total Liabilities
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