The following is the Trial Balance of Khalid Butt on 31st December 2005: Capital Land and Building Purchases O O O O O Sales Returns In and Out Discounts allowed and received. Salaries Wages Advertising Insurance Stationery Interest Rent Cash Stock Debtors Creditors Furniture Adjustments: Dr. Rs. 40,000 86,215 2,364 1,007 18,131 6,227 1,025 1,833 1,024 13,227 14,522 22,300 28,200 236,075 Cr. Rs. 50,000 138,290 4,139 2,395 o Closing stock, Rs. 12,031. Salaries and wages are outstanding by Rs. 1,200 and Rs. 579 respectively. 2,311 6,540 32,400 236,075 o Advertising paid in advance, Rs. 225. Unused stationery, Rs. 124. Furniture to be depreciated by 15%. 2% of the debtors are doubtful. Required: A Work Sheet and Trading and Profit & Loss Account and a Balance Sheet for Khalid Butt.
The following is the Trial Balance of Khalid Butt on 31st December 2005: Capital Land and Building Purchases O O O O O Sales Returns In and Out Discounts allowed and received. Salaries Wages Advertising Insurance Stationery Interest Rent Cash Stock Debtors Creditors Furniture Adjustments: Dr. Rs. 40,000 86,215 2,364 1,007 18,131 6,227 1,025 1,833 1,024 13,227 14,522 22,300 28,200 236,075 Cr. Rs. 50,000 138,290 4,139 2,395 o Closing stock, Rs. 12,031. Salaries and wages are outstanding by Rs. 1,200 and Rs. 579 respectively. 2,311 6,540 32,400 236,075 o Advertising paid in advance, Rs. 225. Unused stationery, Rs. 124. Furniture to be depreciated by 15%. 2% of the debtors are doubtful. Required: A Work Sheet and Trading and Profit & Loss Account and a Balance Sheet for Khalid Butt.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject/Course: Financial Accounting.
Note: Provide workings of each and every step. If possible, attach the excel file with the solution.
Transcribed Image Text:2.
The following is the Trial Balance of Khalid Butt on 31st December 2005:
Capital
Land and Building
Purchases
Sales
Returns In and Out
Discounts allowed and received.
Salaries
Wages
Advertising
Insurance
Stationery
Interest
Rent
Cash
Stock
Debtors
Creditors
Furniture
Adjustments:
Dr. Rs.
40,000
86,215
2,364
1,007
18,131
6,227
1,025
1,833
1,024
13,227
14,522
22,300
28,200
236,075
Cr. Rs.
50,000
138,290
4,139
2,395
2,311
6,540
32,400
236,075
o Closing stock, Rs. 12,031.
O Salaries and wages are outstanding by Rs. 1,200 and Rs. 579 respectively.
o Advertising paid in advance, Rs. 225.
O
Unused stationery, Rs. 124.
O
Furniture to be depreciated by 15%.
O
2% of the debtors are doubtful.
Required: A Work Sheet and Trading and Profit & Loss Account and a Balance Sheet for Khalid Butt.
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