Problem 13The following Trial Balance of Shri Om, as on 31 st March 20X2. You are requested toprepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a BalanceSheet as on that date after making the necessary adjustment:ParticularsDr. (As)Cr. (Rs)Sundry Debtors/Creditors...Outstanding liability for Expenses.Wages....Carriage Outwards...Carriage Inwards..General Expenses...5,00,0002,00,00055,0001,00,0001,10,00050,00070,000920,000Cash Discounts.Bad Debts.....10,000Motor Car....2,40,0000015,000Printing and Stationery.Furniture and Fittings..1,10,000Advertisement.85,00045,000Insurance...Salesman's commission...87,500Postage and Telephone...Salaries...Rates and Taxes...Capital Account/Drawings.Purchases/Sales.57,5001,60,00025,00014,43,000020,00015,50,0002,50,00060,00019,87,500Stock on 1.4.20x1.Cash at Bank..Cash in hand..10,50036,30,500 36,30,500The following adjustments arc to bc made:Stock on 31st March 20X2 was valued at Rs 7.25.00.A Provision for Doubtful Debts is to be created to the extent of 5 per cent on Sundry Debtors.Depreciate-Furniture and Fittings by 10%, Motor Car by 20%.Shri Om had withdrawn goods worth Rs 25.000 during the ycar.Sales include goods worth Rs 75,000 sent out to Shanti & Company on approval and remainingunsold on 3Ist March 20X2. The cost of the goods was Rs 50,000.The Salesmen were entitled to a Commission of 5% on total sales.(a)(b)(c')(d)(e)(f)(g)Debtors include Rs 25,000 bad debts.(h)Printing and Stationery expenses of Rs 55,000 rclating to 20X0-20X1 had not been provided inthat year but was paid in this year by debiting outstanding liabilities.(i)Purchases include purchase of Furniture worth Rs 50.000.

Step 1 Final accounts are the financial reporting statements of the entity.

Problem 13 prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: The following Trial Balance of Shri Om, as on 31st March 20X2. You are requested to WOT

Problem 13 prepare the Trading and Profit and Loss Account for the year cnded 31st March 20X2 and a Balance Sheet as on that date after making the necessary adjustment: The following Trial Balance of Shri Om, as on 31st March 20X2. You are requested to WOT

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

Multiple Select Question Select all that apply Select the statements below that describe the purpose of a post-closing trial balance. (Check all that apply.) ☐One purpose is to verify that total debits equal total credits for all temporary accounts. One purpose is to verify that all permanent accounts have zero balances. One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period. □ One purpose is to verify that all temporary accounts have zero balances. ☐One purpose is to verify that total debits equal total credit for permanent accounts.
Sta Tru True True True o True or ¿ rue or F Directions: The general ledger for Ozaki Tax Services on December 31 of the current year is illustrated below in T-account form. 1. Using the general journal form on the next page, enter the four necessary closing entries. 2. Post the closing entries to the general ledger T accounts provided. 3. Prepare a post-closing trial balance using the two-column form provided on the next page. Cash In Bank Computer Equipment Bal. 15,000 Bal. 4,000 Accounts Pavable Bal. 4,000 Income Summary Utilities Expense Bal. 1,500 Accounts Receivable Bal. 500 Jov Ozaki, Capital Bal. 7,000 Accounting Fees Bal. 16,000 hnwollet eritão duidw fed tandissid Jov Ozaki. Withdrawals Bal. 3,000 1058 al 1263 Miscellaneous Expense Bal. 3,000 sliaque
Franklin Camps, Incorporated leases the land on which it builds camp sites. Franklin is considering opening a new site on land that requires $2,450 of rental payment per month. The variable cost of providing service is expected to be $6 per camper. The following chart shows the number of campers Franklin expects for the first year of operation of the new site: January February March 150 260 210 February August April 210 Price May 330 June 510 Required Assuming that Franklin wants to earn $7 per camper, determine the price it should charge for a camp site in February and August. Note: Do not round intermediate calculations. July August September October November December Total 660 660 360 390 150 310 4,200
Chapter 7 • Trading and profit and loss accounts: an introduction 7.3A From the following trial balance of B Morse drawn up on conclusion of his first year in busi- ness, draw up a trading and profit and loss account for the year ended 31 December 20X8. A bal- ance sheet is not required. Trial Balance as at 31 December 20X8 Dr Cr General expenses 305 Business rates 2,400 Motor expenses 910 Salaries 39,560 1,240 121,040 Insurance Purchases Sales 235,812 Car 4,300 Creditors 11,200 Debtors 21,080 53,000 2,715 Premises Cash at bank Cash in hand Сapital Drawings 325 23,263 23,400 270,275 270,275 Stock at 31 December 20X8 was £14,486.
Problem 17-6AA (Algo) Income statement computations and format LO A2 [The following information applies to the questions displayed below] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 40% for all items. a. Interest revenue. b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable. e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings B. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold Debit $ 35,400 27,250 107,800 19,650 53,400 17,400 25,150 496,500 Credit $…
16:42 PPO A N l 18%! Required Class R Mary online rch 20X9 her with Prepare th balance se ed 09:56 28.11 This question also relates to extended trial balances (see Exhibit 28.2) From the following trial balance of John Brown, store owner, prepare a trading account and profit and loss account for the year ended 31 December 20X7, and a balance sheet as at that date, taking into consideration the adjustments shown below: Trial Balance as at 31 December 20x7 Dr Sales Purchases Sales returns 400,000 350,000 5,000 Purchases returns 6,200 Opening stock at 1 January 20x7 Provision for doubtful debts 100,000 800 Wages and salaries Rates nates Telephone Shop fittings at cost Van at cost 30,000 6000 1,000 40,000 30,000 9,800 Debtors and creditors Bad debts 7,000 200 Capital Bank balance 179,000 3,000 Drawings 18,000 593,000 593,000 ) Closing stock at 31 December 20X7 £120,000. (ii) Accrued wages £5,000. (i) Rates prepaid £500. (iv) The provision for doubtful debts to be increased to 10 per cent…
GENERALIZATION 5. GE EXERCISES Explain briefly in 5 to 10 sentences only, Write your answers in your notebook. 1. What is accrual basis of accounting? How is it applied in terms of revenues and expenses? 6. 2. Differentiate accrual basis from cash basis accounting. 3. What is the matching principle? Cite an example to expound on this aspect. 4. Explain the periodicity concept. What are the most common forms of annual reporting periods?
Problem 13-18A (Algo) Vertical analysis LO 13-1 Required Prepare a vertical analysis of both the balance sheets and Income statements for Year 4 and Year 3. Complete this question by entering your answers in the tabs below. Balance Sheet Prepare a vertical analysis of the income statements for Year 4 and Year 3. Note: Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45). Revenues Sales (net) Other revenues Income Statement Total revenues Expenses Cost of goods sold Net income RUNDLE COMPANY Vertical Analysis of Income Statements Selling, general, and administrative expense Interest expense Income tax expense Total expenses Amount $ 231,300 8,100 239,400 120,000 53,200 7,800 22.300 203,300 $ 38,100 < Balance Sheet Percentage of Total Amount Year 3 S 212,000 5,200 217,200 101,700 49,500 7,000 21,300 179,500 %$ 37,700 Income Statement Percentage of Total
Please do not give solution in image format thanku
help and answer to question 3
QUESTION-2 A credit sale of Rs.105,000 is made on March 10, terms 2/10, n/30. A return of Rs.5,000 is granted on 13 March. Calculate the amount received as payment in full on March 18? ( Show proper working of solution)