From the following figures extracted from the books of Shri Govind, you are required toprepare a Trading and Profit & Loss Account for the year ended 31st March, 2002, and aBalance Sheet as on that date after making the necessary adjustments :Rs.Rs.Shri Govind's CapitalShri Govind's DrawingsPlant & MachineryFreehold PropertyPurchasesReturns outwardSalariesOffice ExpensesOffice FurnitureDiscount (Dr.)Sundry DebtorsLoan to Shri Krishna@ 10% p.a. -balance on 1-4-2001 44,000 Interest on Loan to Shri KrishnaCash at BankBills Payable2,28,800 Stock 1-4-200113,200 Wages99,000 Sundry Creditors66,000 Postage & Telegram1,10,000 Insurance1,100 Gas & Fuel13,200 Bad Debts2,750 Office Rent5,500 Freight1,320 | Loose ToolsFactory LightingProvision for D/D2,8609,9002,2001,1008801,1002,6402,31,44038,50035,20044,0001,5401,7602,97066029,26029,260 | Cash in hand5,500 | SalesAdjustments :(1) Stock on 31st March, 2002 was valued at Rs. 72,600.(2) A new machine was installed at the beginning of the year costing Rs. 15,400 but iswas not recorded in the books as no payment was made for it. Wages Rs. 1,100 paidfor its errection has been debited to Wages Account.(3) Depreciate Plant & Machinery by 33, %, Furniture by 10%; Freehold Property by 5%.(4) Loose Tools were valued at Rs. 1,760 as on 31-3-2002.(5) Of the Sundry Debtors Rs. 660 are bad and should be written off.(6) Make a provision of 5% on Sundry Debtors for doubtful debts.(7) The manager is entitled to a commission of 10% of the net profits after charging suchcommission.[Gross Profit Rs. 1,08,570; Net Profit Rs. 40,8003; B/S Total : Rs. 3,25,380].

Profit and loss account: It is an account that calculate the net income of the company after…

From the following figures extracted from the books of Shri Govind, you are required to prepare a Trading and Profit & Loss Account for the year ended 31st March, 2002, and a Balance Sheet as on that date after making the necessary adjustments: Rs. 38,500

From the following figures extracted from the books of Shri Govind, you are required to prepare a Trading and Profit & Loss Account for the year ended 31st March, 2002, and a Balance Sheet as on that date after making the necessary adjustments: Rs. 38,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

give your opinion from the financial accounting perspective. ( You may refer to an appropriate accounting principle.) .Assume a financial year from 1st January -31st Dec 2022. The non-current assets of Daystar ltd purchased three years ago for sh. 22,000,000 have been entered in the books at sh.30,000,000 based on the current market value.
Prepare the following financial reports for the month of January 2020: a) Income Statement b) Balance Sheet c) Statement of Financial Position d) Statement of Cash Flows See the tabulation table.
Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?
Following are selected accounts for Best Buy, Inc., for the fiscal year ended February 2, 2019. (a) Indicate whether each account appears on the balance sheet (B) or income statement (I). Best Buy, Inc. ($ millions)Amount Classification Sales $42,879 Answer B I Accumulated depreciation 6,690 Answer B I Depreciation expense 770 Answer B I Retained earnings 2,985 Answer B I Net income 1,464 Answer B I Property, plant & equipment, net 2,510 Answer B I Selling, general and admin expense 8,015 Answer B I Accounts receivable 1,015 AnswerB I Total liabilities 9,595 Answer B I Stockholders' equity 3,306 Answer B I (b) Using the data, compute total assets and total expenses. Total Assets Answer Total Expenses Answer answer complete and correct and in detail with all work
Please help me
how to determine net income for december 2019 if i am given cash dividends of 2000. stock issuence of 1400. liabillties of 26,500. assets of 40000. the decmber 2018 assets 34000. liabilities of 21,500 are also given.
The following information relating to Mahira LLC, for the year ended 31st December 2020 is provided to you and you are requested to calculate purchases for the year ending 2020under CPP method. Details OMR Net monetary assets on 1st January 2020 5,000 Net monetary assets as on 31st December 2020 35,000 Transactions for the year are as given below Cash Sales 40,000 Credit Sales 50,000 Credit Purchases 35,000 Wages 10,000 Other operating expenses 5,000 Interest paid 10,000 General Price Index on 1st January 2020 = 100 General Price Index on 31st December 2020 = 150 Average Index for the year 2020 = 125
LuxAll Inc., includes the following selected accounts in its general ledger at December 31, attached in ss below thanks ng wp
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…
MBA Company had the following income statement in 2019: depreciation OMR20000, net income OMR90000.The The following accounts increased during 2019: Accounts receivable OMR22000, Account payableOMR3400, inventoriesOMR46000.Cash from operating activities is:
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019. 1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equity on the balance sheet and remember that total equity equals the difference between assets and liabilities. 2. Compute net income for 2019 by comparing total equity amounts for these two years and using thefollowing information: During 2019, the owner invested $5,000 additional cash in the business and withdrew $3,000 cash for personal use. 3. Compute the December 31, 2019, debt ratio (in percent and rounded to one decimal).
Laura is classifying items for the balance sheet of Archer Daniels Midland. How should Laura classify an item that will be converted to cash or consumed within one year or the company's operating cycle, whichever is longer? A B C D E Notes Payable Capital Stock Long-term Assets Current Assets Notes Receivable