The following trial balance was extracted from the books of a retail trader, who has been in business foRink KametTrial Balance as at 30 April 2020Dr.Cr.Sales288,128Purchases143,568216,000108,000EquipmentMotor VehicleDepreciation expenseProvision for depreciation - EquipmentProvision for depreciation - Motor VehicleOpening stockReturns in20,79081,90036,00028,1701,170Returns out432Accounts payables45,79451,4801,89036,79213,500Accounts receivablesBad debts expenseBankCashCarriage inCarriage out2,6102,4303,294Discounts allowedDiscounts received2,160212,058CapitalDrawings22,50043,2006,012RentInsuranceInterest expense7,434Loan52,0001,548Provision for bad debtsTelephoneWater rates5,9405,240720,020720,020Stock at 30 April 2020 was $25,700You are required to prepare the financial statements (Income Statement and BalanceSheet) for the year ended 30 April 2020

Financial statements means Income statement and Balance sheet of the business organisatio .

The following trial balance was extracted from the books of a retail trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 Dr. Cr. Sales 288,128 143,568 216,000 108,000 20,790 Purchases Equipment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation Motor Vehicle Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payables Accounts receivables 45,794 51,480 1,890 36,792 13,500 2,610 2,430 3,294 Bad debts expense Bank Cash Carriage in Carriage out Discounts allowed Discounts received 2,160 212,058 Capital Drawings 22,500 43,200 6,012 7,434 Rent Insurance Interest expense Loan 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020

The following trial balance was extracted from the books of a retail trader, who has been in business fo Rink Kamet Trial Balance as at 30 April 2020 Dr. Cr. Sales 288,128 143,568 216,000 108,000 20,790 Purchases Equipment Motor Vehicle Depreciation expense Provision for depreciation - Equipment Provision for depreciation Motor Vehicle Opening stock Returns in 81,900 36,000 28,170 1,170 Returns out 432 Accounts payables Accounts receivables 45,794 51,480 1,890 36,792 13,500 2,610 2,430 3,294 Bad debts expense Bank Cash Carriage in Carriage out Discounts allowed Discounts received 2,160 212,058 Capital Drawings 22,500 43,200 6,012 7,434 Rent Insurance Interest expense Loan 52,000 1,548 Provision for bad debts Telephone Water rates 5,940 5,240 720,020 720,020 Stock at 30 April 2020 was $25,700 You are required to prepare the financial statements (Income Statement and Balance Sheet) for the year ended 30 April 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Q1. From the following Trial Balance prepare Trading and Profit and Loss Account for the year ended 31" December, 2020 and Balance Sheet as on that date: Dr. (Rs.) Cr. (Rs.) Drawings 10,000 46,000 1,50,200 3,400 22,660 38,600 840 Stock on 01/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade Expenses Printing, stationery and Advertising 1,640 280 Professional Charges Commission Received Investments as on I" Jan. @ 10% 3,300 4,000 Interest on above 200 Sundry Debtors and Creditors Wages Salaries 36,000 25,000 14,000 29,000 Capital Income Tax 1,14,000 1,600 6,300 Discount allowed and received 4,600 Sales Returns and Sales Bills Receivable /Bills Payable Office furniture Rent, Rates and Insurance Bad Debts Provisions Total Adjustments: 550 3,200 3,050 4,000 2,08,950 10,000 670 3,71,320 3,71,320 (a) Provide for wages Rs. 5,000. (b) Write Off 5% depreciation on frechold premises and 10% on office furmiture. (e) Insurance to the extent of Rs. 200…
Q9 From the following trial balance of Lim Trading, draw up an Income Statement for the year ended 31 December 2018 and a balance sheet as at that date. Inventory (1.1.2018) Carriage outwards Carriage inwards Returns inwards Returns outwards Purchases Sales Salaries and wages Rent Insurance Motor expenses Office expenses Lighting and heating expenses General expenses Premises Motor vehicles Fixture and fittings Trade receivables Trade payables Cash at bank Drawings Capital Inventory Debit (RM) 2,368 200 310 205 11,874 3,862 304 78 664 216 166 314 5,000 1,800 350 3,896 Docombor 2018 was $2 916 482 1,200 33,289 Dredit (RM 322 18,600 1,731 12,636 33,289
Please do not give solution in image format ? And Fast answering please and explain proper steps by Step.
XYZ Company is facing changes in its cost structure so that fixed costs will decrease from $600,000 to $500,000, but variable costs will increase from $12 per unit to $14 per unit. If it were to implement these changes at its current production level of 50,000 units (with no change to selling price), profit would not change. What would happen to the company's profit if the changes were implemented, and production decreased to 45,000 units? O a. It will stay the same. O b. It will decrease. O c. none of the given answers O d. It will increase.
Please help me
1. Using EXCEL => Set up "T – Accounts" for each account listed in the Campln Inc. Post-Closing Trial Balance. "T-Account" example for several accounts. Assets Cash Accounts Receivable Inventory Beg $ 750,000 Beg $ 450,000 Beg $ 1,200,000 The following Post-Closing Trial Balance is available in EXCEL. Campln Inc. Post Closing Trial Balance 12/31/2020 Debit Credit Cash 750,000 Accounts Receivable 450,000 Allowance for Doubtful Accounts $ 10,000 Prepaid Insurance 100,000 Inventory 1,200,000 Equipment 4,500,000 Accumulated Depreciation - Equipment 1,350,000 Building 850,000 Accumulated Depreciation - Building $4 250,000 Land 1,100,000 Accounts Payable Salaries Payable 375,000 50,000 1,400,000 2,250,000 6,000 Mortgage Payable $ Long-Term Debt Common Stock - Par $0.01 APIC $ 2,994,000 Retained Earnings $ 265,000 8,950,000 8,950,000 $4
to Financial Accounting / FINAL EXAM ACCT101 FALL 2020-2021 Muscat Company Paid R.O 4, 000 on balance owed for Account Payable incurred last month. Which of the following journal entries is recorded correctly and in the standard format? Select the correct answer: ion Select one: O a. DEBIT Cash OMR 4,000 and CREDIT Account Payable OMR 4,000 O b. DEBIT Account Payable OMR 4,000 and CREDIT Cash OMR 4,000 Oc. No entry-not a transaction O d. DEBIT Cash OMR 4,000 and CREDIT Utilities Expense OMR 55,000 e. DEBIT Utilities Expense OMR 4,000 and CREDIT Account Payable OMR 4,000 Finish attempt Seyll lis si page
1. Prepare the journal entries necessary to record the above transactions and calculate the amount to be recognised in the statement of profit or loss. 2. Write up and balance off the: (i) Bad debts expense account (ii) Doubtful debts expense account (iii) Allowance for doubtful debts account.
The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Debit Credit Cash $5,900 Accounts receivable 19,250 Allowance for doubtful accounts $2,385 Inventory 23,930 Accounts payable 9,955 Common stock 21,100 Retained earnings 15,640 Totals $49,080 $49,080 Transactions for Year 2 1. LGS acquired an additional $9,800 cash from the issue of common stock. 2. LGS purchased $61,900 of inventory on account. 3. LGS sold inventory that cost $63,600 for $95,900. Sales were made on account. 4. The company wrote off $1,100 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Company The note had an 8 percent interest rate and a one-year term. 6. LGS paid $14,530 cash for operating expenses. 7. The company collected $76,990 cash from accounts receivable. 8. A cash payment of $46,910 was paid on accounts payable. 9. The company paid a $5,100 cash dividend to the stockholders. 10. Accepted credit cards for…
Prêpare a Journal Entries for Accounts Receivables. Is not a graded question If can't the part B is : what would the year-end adjusting journal entry be given the following Allow to DA 375
Instructions: Give its Financial Statements, Preparation of Closing Entries & Posting to ledger, Post- Closing Trial Balance Accounting Worksheet Trial Balance Income Statement Balance Sheet Particulars Debit Credit Debit Credit Debit Credit Purchases 118160 - 118160 - - - Accounts payable - 10000 - - - 10000 Account receivables 16000 - - - 16000 - Sales - 55200 - 55200 - - Purchase Return - 4300 - 4300 - - Cash - 57660 -…
Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.