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

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Question

1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st
March 2022, prepare the Income Statement and Balance Sheet.
Particulars
Goodwill
Leasehold land
Loose Tools
Wages
Rent
Purchases
Opening Inventory
Sales Returns
Carriage on purchases
Insurance
Salaries
Vehicles
Furniture
Maintenance
Accounts receivable
Power
Advertising
TOTAL
Amt Particulars
50,000 Capital
67,450 Sales
7,000 Income from service
25,860 Purchase returns
8,700 Loan
96,420 Accounts payable
38,610 Bank overdraft
400 Provision for bad debts
2,240 Retained earnings
1,180
11,470
27,000
3,200
1,000
39,910
1,070
9,750
3,91,260 TOTAL
Adjustments: Closing Inventory - Rs 40,000
1
Amt
1,25,000
1,78,940
19,630
940
20,000
25,229
4,530
3,000
14,000
3,91,260

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