The following balances appeared in the trail balance for the year 2020 of AL-Nada co?AccountsSalesPurchases commissionPurchasesPurchases returnCreditorsFreight outPurchases allowanceAccountsRepairInterest receivedRevenueSales allowanceBalance830 00018 000Balance7 00025 00070 000480 00090 00020 0002 000 000Loan3 000 000Import customsBeginning inventorySales discountSales insurancePurchases insuranceSalaries165 0022 00025 00090 0008 000Purchases discountBuildingCarsSales commissionlightingPurchases expensesDepreciationcashEnding inventory10 0005 000 00018 000 00020 00010 00021 000120 00014 000Rent80 000Sales returnBankDebtorsCapital26 00012 00018 0001 200 00010 000 0002 000 00065 000Ins: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)

An organisation usually prepares 3 major financial statements to analyse their financial position…

Answered: 1_ Prepare the trading statement for…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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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