1. From the following Trial Balance of Madras Traders Ltd for the year ended 31stMarch 2022, prepare the Income Statement and Balance Sheet.ParticularsGoodwillLeasehold landLoose ToolsWagesRentPurchasesOpening InventorySales ReturnsCarriage on purchasesInsuranceSalariesVehiclesFurnitureMaintenanceAccounts receivablePowerAdvertisingTOTALAmt Particulars50,000 Capital67,450 Sales7,000 Income from service25,860 Purchase returns8,700 Loan96,420 Accounts payable38,610 Bank overdraft400 Provision for bad debts2,240 Retained earnings1,18011,47027,0003,2001,00039,9101,0709,7503,91,260 TOTALAdjustments: Closing Inventory - Rs 40,0001Amt1,25,0001,78,94019,63094020,00025,2294,5303,00014,0003,91,260

the credit total of trial balance is 391269 as opposed to debit of 391260 because of which there is…

Answered: 1. From the following Trial Balance of…

1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

5. Which financial information is found in a company's annual report? A. Employee salaries B. Marketing strategies • C. Financial statements • D. All of the above
How are open encumbrances at year-end reported in the financial statements?
Following are selected balance sheet accounts of Sheffield Bros. Corp. at December 31, 2020 and 2019, and the increases or decreases in each account from 2019 to 2020. Also presented is selected income statement information for the year ended December 31, 2020, and additional information. Selected balance sheet accounts Assets Accounts receivable Property, plant, and equipment Accumulated depreciation-plant assets Liabilities and stockholders' equity. Bonds payable Dividends payable Common stock, $1 par Additional paid-in capital Retained earnings Depreciation Gain on sale of equipment Net income Additional information: 1. 2. 3. (a) (b) (c) (d) 2020 $34,000 Proceeds from the sale of equipment. Cash dividends paid. 278,500 (176,300 ) (168,400) 2020 Redemption of bonds payable. $49,000 8,000 22,100 9,100 104,600 Selected income statement information for the year ended December 31, 2020: Sales revenue $154,400 38,100 2019 14,700 $24,100 30,900 249,400 2019 $45,900 5,100 18,900 3,000…
Byrd Company had the following transactions during 2019 and 2020: 1. Prepare the journal entries for Byrd for both 2019 and 2020. Assume that the net price method is used to account for the credit terms. 2. Show how the preceding items would be reported in the current liabilities section of Byrd’s December 31, 2019, balance sheet. 3. Next Level Assuming Byrd’s current assets were $1,200,000 and its current ratio was 2.4 at the end of 2018, compute the current ratio at the end of 2019 (based solely on the effects of the preceding transactions).
LuxAll Inc., includes the following selected accounts in its general ledger at December 31, attached in ss below thanks ng wp
# 4) Using the following Company X information, prepare a Retained Earnings Statemen Retained earnings balance January 1, 2019, $121,500 Net income for year 2019, $145,800 Dividends declared and paid for year 2019, $53,000
True or False? You can construct a sources and use statement for 2021 if you have a company's year-end balance sheets for 2021 and 2022
1.32. Creating Balance Sheets and Income Statements. Using the information in the below table, prepare a classified balance sheet for Erie Company as of December 31, 2019 and December 31, 2020, along with multi-step income statements for the years then ended