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1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)

1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)

FINANCIAL ACCOUNTING
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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Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Balance Accounts Balance Sales 830 000 Repair 7 000 Purchases commission 18 000 Interest received 25 000 Purchases 480 000 Revenue 70 000 Sales allowarice Loan Import customs Beginning inventory Purchases return 90 000 20 000 Creditors 2 000 000 3 000 000 Freight_out 165 00 22 000 Purchases allowance 25 000 90 000 Purchases discount 10 000 Sales discount 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission 21 000 Salaries 120 000 lighting Purchases expenses Depreciation 14 000 Rent 80 000 26 000 Sales return 12 000 18 000 Bank 10 000 000 cash 1 200 000 Debtors 2 000 000 Ending inventory 65 000 Capital ? Ins:- 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
Transcribed Image Text:Q1_ The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Balance Accounts Balance Sales 830 000 Repair 7 000 Purchases commission 18 000 Interest received 25 000 Purchases 480 000 Revenue 70 000 Sales allowarice Loan Import customs Beginning inventory Purchases return 90 000 20 000 Creditors 2 000 000 3 000 000 Freight_out 165 00 22 000 Purchases allowance 25 000 90 000 Purchases discount 10 000 Sales discount 8 000 Building 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission 21 000 Salaries 120 000 lighting Purchases expenses Depreciation 14 000 Rent 80 000 26 000 Sales return 12 000 18 000 Bank 10 000 000 cash 1 200 000 Debtors 2 000 000 Ending inventory 65 000 Capital ? Ins:- 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)
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