Following is the trial balance of Standard Ltd as on 31st March 2020:DebitCreditStock on 31st March 201975000Sales350000Purchases245000WagesDiscount500005000Furniture and fittings17000Salaries7500Rent4950Sundry expensesProfit and loss appropriation Account on 31st March 2020Dividend paidShare capital7050150309000100000Debtors and creditors3750017500Plant and machineryCash and bank2900016200Reserve15500Patent and trade mark4830503030503030 Prepare Profit and loss account for the year ended 31stMarch 2020 and balance sheet ason that date after taking into consideration the following adjustments:a. Stock on 31st March 2020 was valued at Rs.82000b. Depreciation on fixed assets @ 10%c. Make a provision for income tax @ 50%d. Provide corporate dividend tax @ 10%.

Name: Following is the trial balance of Standard Ltd as on 31st March 2020:
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Description: Following is the trial balance of Standard Ltd as on 31st March 2020:DebitCreditStock on 31st March 201975000Sales350000Purchases245000WagesDiscount500005000Furniture and fittings17000Salaries7500Rent4950Sundry expensesProfit and loss appropriation

Profit and loss account and balance sheet are included in the final accounts in the financial…

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Accounting

Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses Profit and loss appropriation Account on 31st March 2020 Dividend paid Share capital 7050 15030 9000 100000 Debtors and creditors 37500 17500 Plant and machinery 29000 Cash and bank 16200 Reserve 15500 Patent and trade mark 4830 503030 503030

Following is the trial balance of Standard Ltd as on 31st March 2020: Debit Credit Stock on 31st March 2019 75000 Sales 350000 Purchases 245000 Wages 50000 Discount 5000 Furniture and fittings 17000 Salaries 7500 Rent 4950 Sundry expenses Profit and loss appropriation Account on 31st March 2020 Dividend paid Share capital 7050 15030 9000 100000 Debtors and creditors 37500 17500 Plant and machinery 29000 Cash and bank 16200 Reserve 15500 Patent and trade mark 4830 503030 503030

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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