The details of ABC Company are as under: 60% (Cash sales) Sales 20,000,000 Cost of sales 12,000,000 Gross profit office exp.(including interest on debentures selling exp. 2,000,000 1,800,000 profit before taxes Тахes 300,000 Net profit The opening stock was 420,000 Taking 360 days of the years Particular $ Particular Equity share capital 10% preference share capital 24,000,000 Stock 35,000,000 fixed assets 63,888,500 165,000 Reserves 1,200,000 Debtors 4,000,000 11,000,000 Bills receivable 1,200,000 cash 1,200,000 fictitious assets 10% debentures 65,000 Creditors 3,521,000 bank-overdraft 2,000,000 Bills payable 35,000 outstanding expenses 4,500 73,639,500 73,639,500
The details of ABC Company are as under: 60% (Cash sales) Sales 20,000,000 Cost of sales 12,000,000 Gross profit office exp.(including interest on debentures selling exp. 2,000,000 1,800,000 profit before taxes Тахes 300,000 Net profit The opening stock was 420,000 Taking 360 days of the years Particular $ Particular Equity share capital 10% preference share capital 24,000,000 Stock 35,000,000 fixed assets 63,888,500 165,000 Reserves 1,200,000 Debtors 4,000,000 11,000,000 Bills receivable 1,200,000 cash 1,200,000 fictitious assets 10% debentures 65,000 Creditors 3,521,000 bank-overdraft 2,000,000 Bills payable 35,000 outstanding expenses 4,500 73,639,500 73,639,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Calculate
Transcribed Image Text:The details of ABC Company are as under:
60% (Cash sales)
Sales
20,000,000
Cost of sales
12,000,000
Gross profit
office exp.(including interest on debentures
selling exp.
2,000,000
1,800,000
profit before taxes
Taxes
300,000
Net profit
The opening stock was
420,000
Taking
360 days of the years
Particular
2$
Particular
2$
35,000,000 fixed assets
10% preference share capital 24,000,000 Stock
1,200,000 Debtors
11,000,000 Bills receivable
1,200,000 cash
Equity share capital
63,888,500
165,000
Reserves
4,000,000
10% debentures
65,000
Creditors
3,521,000
bank-overdraft
1,200,000
fictitious assets
2,000,000
Bills payable
35,000
outstanding expenses
4,500
73,639,500
73,639,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education