& Co. is a company with an authorized capital of Rs.5,00,000 divided into 5,000 Equity Shares of Rs.100 each.On 31-3-2019 2,500 shares were fully called up.Following are the balances extracted from the ledger of the company as on 31-3-2019:Stock50,000 Advertising4,25,000 Debtors3,00,000 Creditors70,000 Plant & Machinery14,30038,70035,20080,50017,1001,34,70025,00015,7003,2005,000SalesPurchasesWages(Productive)Discount Allowed4,200 Furniture3,150 Cash and Bank6,720 Reserve18,500 Loan from Managing Director6,000 Bad debts8,950 Calls in ArrearsDiscount ReceivedInsurance upto 30-06-2013 2019SalariesRentGeneral expensesSurplus AccountPrinting & StationeryYou are required to prepare Statement of Profit and Loss for the year ended 31-3-2019 and the Balance Sheet ason that date of the company. Following further information is given:i.6,2202,400Closing Stock Rs.91,500Depreciation to be charged on Plant and Machinery and Furniture at 15% and 10% respectively.Outstanding Liabilities -Wages Rs.5,200 , Salary Rs.1,200 and Rent Rs.600.Dividend @ 5% on paid up Share Capital is to be provided.Ignore corporate dividend tax.i.ii.iv.

Statement of Profit and loss: This is one of the financial statements which represents an entity's…

& Co. is a company with an authorized capital of Rs.5,00,000 divided into 5,000 Equity Shares of Rs.100 each. On 31-3-2019 2,500 shares were fully called up. Following are the balances extracted from the ledger of the company as on 31-3-2019: Stock 50,000 Advertising 4,25,000 Debtors 3,00,000 Creditors 70,000 Plant & Machinery 4,200 Furniture 3,150 Cash and Bank 6,720 Reserve 18,500 Loan from Managing Director 6,000 Bad debts 8,950 Calls in Arrears 6,220 14,300 38,700 35,200 80,500 17,100 1,34,700 25,000 15,700 3,200 5,000 Sales Purchases Wages(Productive) Discount Allowed Discount Received Insurance upto 30-06-20132619 Salaries Rent General expenses Surplus Account Printing & Stationery You are required to prepare Statement of Profit and Loss for the year ended 31-3-2019 and the Balance Sheet as on that date of the company. Following further information is given: Closing Stock Rs.91,500 Ei. 2,400 Depreciation to be charged on Plant and Machinery and Furniture at 15% and 10% respectively. Outstanding Liabilities -Wages Rs.5,200 , Salary Rs.1,200 and Rent Rs.600. Dividend @ 5% on paid up Share Capital is to be provided Jgnore cornorate dividend tax ii.

& Co. is a company with an authorized capital of Rs.5,00,000 divided into 5,000 Equity Shares of Rs.100 each. On 31-3-2019 2,500 shares were fully called up. Following are the balances extracted from the ledger of the company as on 31-3-2019: Stock 50,000 Advertising 4,25,000 Debtors 3,00,000 Creditors 70,000 Plant & Machinery 4,200 Furniture 3,150 Cash and Bank 6,720 Reserve 18,500 Loan from Managing Director 6,000 Bad debts 8,950 Calls in Arrears 6,220 14,300 38,700 35,200 80,500 17,100 1,34,700 25,000 15,700 3,200 5,000 Sales Purchases Wages(Productive) Discount Allowed Discount Received Insurance upto 30-06-20132619 Salaries Rent General expenses Surplus Account Printing & Stationery You are required to prepare Statement of Profit and Loss for the year ended 31-3-2019 and the Balance Sheet as on that date of the company. Following further information is given: Closing Stock Rs.91,500 Ei. 2,400 Depreciation to be charged on Plant and Machinery and Furniture at 15% and 10% respectively. Outstanding Liabilities -Wages Rs.5,200 , Salary Rs.1,200 and Rent Rs.600. Dividend @ 5% on paid up Share Capital is to be provided Jgnore cornorate dividend tax ii.

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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