Question No.3Al-Rehm an Company Limited is register ed with an author ized capital of Rs.2,000,000 divided into200,000 ar dinary shar e of Rs.10 cach. The following balances ea tracted from the books of thecom pany on December 31, 2019:DebitCreditTitle of AccountRs.Rs.Cash at BankAccounts ReceivableAllowance for Bad DebtsMerchandise Inventar y (Beg)Machiner yAccum ulated Depreciation (Machinery)Accounts PayableMartgage Notes PayableShare CapitalRetained Ear ningSalesPur chasesSalaries ExpenseTransportation-inRent ExpenseAuditar's Fee20,00055,0004,50011,2501,250,000150,00045,000300,000750,000217,750375,000375,00037,50045,00041,0007,5001,842,250 1,842,250TotalData for Adjustment:I. Provide Depreciation on Machiner y for the year Rs.50,000II. Prepaid Salaries Rs750III.Salaries Payable Rs.500IV.Mer chandise Inventar y Rs 180,000V. Appropriate Rs20,000 for Building Extension and Rs45,000 far ContingenciesPrepaid Salar ies 750 DrSalaries Exp 750 CrRequired:A. Prepare Income Statem entB. Prepare Statem ent of Retained EarningC. Prepare Balance Sheet

Income Statement The purpose of preparing the income statement to know the net profit which are…

Data for Adjustment: I. Provide Depr eciation on Machiner y for the year Rs.50,000 II. Prepaid Salaries Rs750 Prepaid Salaries 750 Dr III.Salaries Payable Rs.500 IV.Mer chandise Inventor y Rs 180,000 V. Appropriate Rs.20,000 for Building Extension and Rs45,000 far Contingencies Salaries Exp 750 Cr Required: A. Prepare Income Statem ent В. Prepare Statem ent of Retained Earning C. Prepare Balance Sheet

Data for Adjustment: I. Provide Depr eciation on Machiner y for the year Rs.50,000 II. Prepaid Salaries Rs750 Prepaid Salaries 750 Dr III.Salaries Payable Rs.500 IV.Mer chandise Inventor y Rs 180,000 V. Appropriate Rs.20,000 for Building Extension and Rs45,000 far Contingencies Salaries Exp 750 Cr Required: A. Prepare Income Statem ent В. Prepare Statem ent of Retained Earning C. Prepare Balance Sheet

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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