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REQUIRED (a) Income statement. (c) Balance sheet. (b) Statement of retained earnings

REQUIRED (a) Income statement. (c) Balance sheet. (b) Statement of retained earnings

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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XYZ Ltd. was registered with an authorized capital of RS 7,000,000 divided into 700,000 ordinary shares of Rs.10 each. The company books showed the following balance June 30, 2005. DEBIT Cash Accounts receivable Merchandise Office supplies Unexpired Plant assets Vehicles Purchases Transportation in Sales return & Salaries expenses CREDIT 110,000 Paid up capital 125,000 Retained earnings 42,000 Accounts payable 38,000 6% Debentures payable 40,000 Accumulated dep. (Plant 450,000 Accumulated dep. 200,000 Purchases return & 205,000 Commission income 35,000 Sales revenue 25,000 75,000 1,345,000 Data for Adjustment on June 30. 2005: (a) Office supplies used Rs.24,000. (b) Insurance expired Rs.33,000. (d) Depreciation estimated on plant assets Rs.50,000. (e)Salaries for the period Rs.80,000. (f) Prepaid salaries Rs. 5,000. (g) Merchandise inventory Rs.32,000 on 30.6.2005. (h) Provision for estimated bad debts Rs.5,000. (1) Appropriate Rs.40,000 for plant extension and 500,000 50,000 50,000 100,000 (c) 20% Depreciation for the year on written down value on vehicles. Rs.25,000 for general reserves and declare cash dividend @ 10% on paid up capital. 50,000 75,000 30,000 90,000 400,000 1,345,000 REQUIRED (a) Income statement. (b) Statement of retained earnings (c) Balance sheet.
Transcribed Image Text:XYZ Ltd. was registered with an authorized capital of RS 7,000,000 divided into 700,000 ordinary shares of Rs.10 each. The company books showed the following balance June 30, 2005. DEBIT Cash Accounts receivable Merchandise Office supplies Unexpired Plant assets Vehicles Purchases Transportation in Sales return & Salaries expenses CREDIT 110,000 Paid up capital 125,000 Retained earnings 42,000 Accounts payable 38,000 6% Debentures payable 40,000 Accumulated dep. (Plant 450,000 Accumulated dep. 200,000 Purchases return & 205,000 Commission income 35,000 Sales revenue 25,000 75,000 1,345,000 Data for Adjustment on June 30. 2005: (a) Office supplies used Rs.24,000. (b) Insurance expired Rs.33,000. (d) Depreciation estimated on plant assets Rs.50,000. (e)Salaries for the period Rs.80,000. (f) Prepaid salaries Rs. 5,000. (g) Merchandise inventory Rs.32,000 on 30.6.2005. (h) Provision for estimated bad debts Rs.5,000. (1) Appropriate Rs.40,000 for plant extension and 500,000 50,000 50,000 100,000 (c) 20% Depreciation for the year on written down value on vehicles. Rs.25,000 for general reserves and declare cash dividend @ 10% on paid up capital. 50,000 75,000 30,000 90,000 400,000 1,345,000 REQUIRED (a) Income statement. (b) Statement of retained earnings (c) Balance sheet.
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