Ledger Name Debit Balance Credit Balance Motor Car $500,000 $50,000 $450,000 $5,500,000 $250,000 $35,000 $525,000 (-)$200,000 Furniture Computers Fixed Assets Bank Balances Cash in Hand Trade Receivables Bank Overdraft Trade Payables Security Premium Share Capital Capital Reserve Rent Payable Rent Expenses Salary Payable Electricity Expenses Secured Loan Unsecured Loan Total $100,000 $2,500,000 $2,500,000 $440,100 $30,000 $110,100 $70,000 $120,000 $1,500,000 $200,000 $7,340,100 $7,340,100
Ledger Name Debit Balance Credit Balance Motor Car $500,000 $50,000 $450,000 $5,500,000 $250,000 $35,000 $525,000 (-)$200,000 Furniture Computers Fixed Assets Bank Balances Cash in Hand Trade Receivables Bank Overdraft Trade Payables Security Premium Share Capital Capital Reserve Rent Payable Rent Expenses Salary Payable Electricity Expenses Secured Loan Unsecured Loan Total $100,000 $2,500,000 $2,500,000 $440,100 $30,000 $110,100 $70,000 $120,000 $1,500,000 $200,000 $7,340,100 $7,340,100
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
CONSTRUCT THE FOLLOWING: (a) Income Statement (b) Statement of changes in equity (c)
Please show COMPLETE solution

Transcribed Image Text:Ledger Name
Motor Car
Debit Balance Credit Balance
$500,000
Furniture
$50,000
$450,000
Computers
Fixed Assets
Bank Balances
Cash in Hand
Trade Receivables
Bank Overdraft
Trade Payables
Security Premium
Share Capital
Capital Reserve
Rent Payable
Rent Expenses
Salary Payable
Electricity Expenses
Secured Loan
Unsecured Loan
Total
$5,500,000
$250,000
$35,000
$525,000
(-)$200,000
$100,000
$2,500,000
$2,500,000
$440,100
$30,000
$110,100
$70,000
$120,000
$1,500,000
$200,000
$7,340,100
$7,340,100
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