From the following trial balance of Faris Ali Qureshi & Bros. and additional information, prepare Trading and Profit & Loss account and Balance sheet for the year ended June 30th, 2020. Additional Information:- a) Depreciation furniture by 10% by written down method (WDM). b) A provision for doubtful debts is to be created to the extent of 5% on sundry debtors
From the following trial balance of Faris Ali Qureshi & Bros. and additional information, prepare Trading and Profit & Loss account and Balance sheet for the year ended June 30th, 2020. Additional Information:- a) Depreciation furniture by 10% by written down method (WDM). b) A provision for doubtful debts is to be created to the extent of 5% on sundry debtors
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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From the following
Additional Information:-
a)
b) A provision for doubtful debts is to be created to the extent of 5% on sundry debtors.
c) Salaries for the month of June, 2019 amounting to Rs. 3,000 were unpaid which must be provided for. However, salaries included Rs. 2,000 paid in advance. Office expenses outstanding Rs. 8,000.
d) Insurance amounting to Rs. 2,000 is prepaid.
e)Stock use for private purpose Rs. 6,000 and closing stock Rs. 60,000.
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