8) From the following ledger balances of Psat traders, prepare a Trading, P&L a/c and Balance sheet forthe year ended 31-12-2020.DebitPurchasesReturnsCarriageRent & RatesOpeningStockDebtorsSalariesWagesPlant &MachineryFurnitureCash at BankAmount1,05,00020001,0002,8001900060000250001120070,000CreditCapitalSalesCreditorsReturnsInterestDiscountReceived30,00040,0003,66,000Adjustments: Closing stock 2. 25,000, Outstanding rent 2.600.Amount700002,55,000350001800100032003,66,000I

A company's trading and profit and loss account must be established before preparing the balance…

8) From the following ledger balances of Psat traders, prepare a Trading, P&L a/c and Balance sheet for the year ended 31-12-2020. Debit Purchases Returns Carriage Rent & Rates Opening Stock Debtors Salaries Wages Plant & Machinery Furniture Cash at Bank Amount (R.) 1,05,000 2000 1,000 2,800 19000 60000 25000 11200 70,000 Credit Capital Sales Creditors Returns Interest Discount Received 30,000 40,000 3,66,000 Adjustments: Closing stock 2. 25,000, Outstanding rent 2.600. Amount 70000 2,55,000 35000 1800 1000 3200 3,66,000

8) From the following ledger balances of Psat traders, prepare a Trading, P&L a/c and Balance sheet for the year ended 31-12-2020. Debit Purchases Returns Carriage Rent & Rates Opening Stock Debtors Salaries Wages Plant & Machinery Furniture Cash at Bank Amount (R.) 1,05,000 2000 1,000 2,800 19000 60000 25000 11200 70,000 Credit Capital Sales Creditors Returns Interest Discount Received 30,000 40,000 3,66,000 Adjustments: Closing stock 2. 25,000, Outstanding rent 2.600. Amount 70000 2,55,000 35000 1800 1000 3200 3,66,000

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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