Q1_The following balances appeared in the trail balance for the year 2020 of AL-Nada co?Balance7 000AccountsSalesPurchases commissionPurchasesPurchases returnCreditorsFreight outPurchases allowanceBalance830 00018 000AccountsRepairInterest receivedRevenue25 000480 00070 00090 000Sales allowance20 0003 000 00022 0002 000 000LoanImport customsBeginning inventorySales discount165 0025 00090 000Purchases discount10 0008 000Building5 000 000Sales insurance20 000Cars18 000 000Purchases insurance10 000Sales commissionlightingPurchases expensesDepreciation21 00014 000Salaries120 000Rent80 00026 000Sales return12 00010 000 0002 000 00018 000Bank1 200 00065 000cashDebtorsEnding inventoryCapitalIns:1_ Prepare the trading statement for the year ended in 2020.2_Prepare the profit and loss statement for the year ended 2020.3_Prepar a classified balance sheet in a good format (use statement form)

Calculation of Capital Balance using Trial Balance : Trial Balance of Al - Nada Company…

The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Balance 830 000 18 000 Accounts Repair Interest received Balance 7 000 25 000 Purchases 480 000 Revenue 70 000 Purchases return Creditors Freight out 90 000 Sales allowance 20 000 2 000 000 Loan 3 000 000 Import customs Beginning inventory Sales discount 165 00 22 000 Purchases allowance 25 000 90 000 Purchases discount Building 10 000 8 000 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission | lighting Purchases expenses Depreciation cash Ending inventory 21 000 Salaries 120 000 14 000 Rent 80 000 26 000 Sales return 12 000 18 000 Bank 10 000 000 1 200 000 Debtors 2 000 000 65 000 Capital Ins:- 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)

The following balances appeared in the trail balance for the year 2020 of AL-Nada co? Accounts Sales Purchases commission Balance 830 000 18 000 Accounts Repair Interest received Balance 7 000 25 000 Purchases 480 000 Revenue 70 000 Purchases return Creditors Freight out 90 000 Sales allowance 20 000 2 000 000 Loan 3 000 000 Import customs Beginning inventory Sales discount 165 00 22 000 Purchases allowance 25 000 90 000 Purchases discount Building 10 000 8 000 5 000 000 Sales insurance 20 000 Cars 18 000 000 Purchases insurance 10 000 Sales commission | lighting Purchases expenses Depreciation cash Ending inventory 21 000 Salaries 120 000 14 000 Rent 80 000 26 000 Sales return 12 000 18 000 Bank 10 000 000 1 200 000 Debtors 2 000 000 65 000 Capital Ins:- 1_ Prepare the trading statement for the year ended in 2020. 2_Prepare the profit and loss statement for the year ended 2020. 3_Prepar a classified balance sheet in a good format (use statement form)

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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