From the following information of Husam Trading Company for the year ended 31st December 2020, you are required to prepare income statement, Balance sheet and adjusting entries. particulars Dr Dr Cr Short term investments 4000 purchase returns 8000 Factory wages 16000 Advertisement expenses 24000 sales returns 16000 Rent for warehouse 4000 commission from other business 1600 capital 44000 interest from investments 2400 Machinery 40000 Opening Stock 20000 Accounts Receivable 16000 Accounts Payable 24000 Sales 88000 purchases 56000 Long term Bank Loan 28000 other direct expenses 20000 Office and administration expenses 8000 Accrued expenses 28000 carriage inwards 2000 other income 2000 Total 226000 226000 Closing stock is determined at RO 12000

From the following information of Husam Trading Company for the year ended 31st December 2020, you are required to prepare income statement, Balance sheet and adjusting entries. particulars Dr Dr Cr Short term investments 4000 purchase returns 8000 Factory wages 16000 Advertisement expenses 24000 sales returns 16000 Rent for warehouse 4000 commission from other business 1600 capital 44000 interest from investments 2400 Machinery 40000 Opening Stock 20000 Accounts Receivable 16000 Accounts Payable 24000 Sales 88000 purchases 56000 Long term Bank Loan 28000 other direct expenses 20000 Office and administration expenses 8000 Accrued expenses 28000 carriage inwards 2000 other income 2000 Total 226000 226000 Closing stock is determined at RO 12000

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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Please assist Return on average owner's equity (2018 =40%; industry average = 45%) Round to two decimal places.
Question: Prepare a statement of profit or loss and other comprehensive income for the year ended 31 December 2021 Below is the list of nominal ledger balances of Tonson Plc at 31 December 2021. Tonson’s financial year end is at 31 December. Nominal ledger closing balances at 31 December 2021 The following information is relevant. 1. Closing inventory at 31 December 2021 is £45,000 On further investigation of the suspense account in the trial balance above, it was discovered that: An expense of £8,250 for legal services had been posted to the suspense account and a cash receipt of £15,750 had been posted to the suspense account. This represented the disposal proceeds from selling equipment, which had been purchased on 1 March 2017 at a cost of £48,000. Tonson depreciates non-current assets as follows: buildings at 1 per cent on a straight-line basis plant and equipment at 10 per cent on a straight-line basis motor vehicles at 20 per cent on a reducing balance basis.…
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