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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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The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Accounts Repair Interest received Revenue Sales allowance Balance 830 000 18 000 Balance 7 000 25 000 70 000 480 000 90 000 20 000 2 000 000 Loan 3 000 000 Import customs Beginning inventory Sales discount Sales insurance Purchases insurance Salaries 165 00 22 000 25 000 90 000 8 000 Purchases discount Building Cars Sales commission lighting Purchases expenses Depreciation cash Ending inventory 10 000 5 000 000 18 000 000 20 000 10 000 21 000 120 000 14 000 Rent 80 000 Sales return Bank Debtors Capital 26 000 12 000 18 000 1 200 000 10 000 000 2 000 000 65 000 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:The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Purchases Purchases return Creditors Freight out Purchases allowance Accounts Repair Interest received Revenue Sales allowance Balance 830 000 18 000 Balance 7 000 25 000 70 000 480 000 90 000 20 000 2 000 000 Loan 3 000 000 Import customs Beginning inventory Sales discount Sales insurance Purchases insurance Salaries 165 00 22 000 25 000 90 000 8 000 Purchases discount Building Cars Sales commission lighting Purchases expenses Depreciation cash Ending inventory 10 000 5 000 000 18 000 000 20 000 10 000 21 000 120 000 14 000 Rent 80 000 Sales return Bank Debtors Capital 26 000 12 000 18 000 1 200 000 10 000 000 2 000 000 65 000 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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