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Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet: Mr. X’s capital is 500,000 Drawing 20,000 Purchase 200,000 Loan 100,000 Machinery 50,000 Return to suppliers 50,000 Sales 400,000 Return inward 600,000 Carriage outward 20,000 Bad debts 5,000 Sundry Drs. 100,000 B/R 20,000 Sundry Crs. 50,000 Carriage inward 10,000 Salary and wages 5,000 Depreciation 20,000 Cash in hand 100,000 Sale of scrap 5,000 Closing stock 50,000 Prepaid tax 10,000 Outstanding wages 5,000  do not give solution in image

Problem From the following ledger balances, prepare trial balance, income statement, and balance sheet: Mr. X’s capital is 500,000 Drawing 20,000 Purchase 200,000 Loan 100,000 Machinery 50,000 Return to suppliers 50,000 Sales 400,000 Return inward 600,000 Carriage outward 20,000 Bad debts 5,000 Sundry Drs. 100,000 B/R 20,000 Sundry Crs. 50,000 Carriage inward 10,000 Salary and wages 5,000 Depreciation 20,000 Cash in hand 100,000 Sale of scrap 5,000 Closing stock 50,000 Prepaid tax 10,000 Outstanding wages 5,000  do not give solution in image

FINANCIAL ACCOUNTING
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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From the following ledger balances, prepare trial balance, income statement, and balance sheet:
Mr. X’s capital is 500,000
Drawing 20,000
Purchase 200,000
Loan 100,000
Machinery 50,000
Return to suppliers 50,000
Sales 400,000
Return inward 600,000
Carriage outward 20,000
Bad debts 5,000
Sundry Drs. 100,000
B/R 20,000
Sundry Crs. 50,000
Carriage inward 10,000
Salary and wages 5,000
Depreciation 20,000
Cash in hand 100,000
Sale of scrap 5,000
Closing stock 50,000
Prepaid tax 10,000
Outstanding wages 5,000 

do not give solution in image 

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