46 12:09 b0.10 & 25% O3. From thefollowing TrialBalance of M/sRam and Sons;prepare aTrading andProfit and LosAccount for theyear ended 31stDecember..2012... and aBalance Sheet ason that date.Trail Balance of Mis ram and SonsDr.(Rs.) Cr.Rs.) ParticularsTraveling ExpenseParticularsDrRs.) Cr.(Rs.)Purchases21,750400Discount Allowed1,300Commission425Wages6,975Carriage Inward275Salaries2,000Trade Expenses705Sales35,000Interest100Outstand ng Tradeexpenses475Insurance150Buildings5,000Furniture200Debtors4,250Capit al13,000Creditors2,100Cash7,045505755057550,57550,575 46 12:09 b0.10 & 25% OTrail Balance of Mis ram and SonsParticularsDr.(Rs.)CrRs.)ParticularsDrARs.) Cr.(Rs.)PurchasesDiscount Allowed21,750Traveling Expense4001,300Commission425Wages6,975Carriage Inward275Salaries2,000Trade Expenses705Sales35,000Interest100Outstand ng Tradeexpenses475Insurance150Buildings5,000Furniture200Debtors4,250Capital13,000Creditors2,100Cash7,045505755057550,57550,575Adjustments:(a) Stock on 31stDecember Rs.6,000(b) WagesOutstandingRs.500(c) SalariesOutstandingRs.425(d) PrepaidInsurance Rs.50

The financial statements of the business are income statement and balance sheet , which are prepared…

Trail Balance of Mis ram and Sons Particulars Purchases Discount Allowed Dr.(Rs.) CrRs.) Particulars DrARs) Cr.(Rs.) 21,750 Traveling Expense 400 1,300 Commission 425 Carriage Inward Trade Expenses 35,000 Interest Wages 6,975 275 Salaries 2,000 705 Sales 100 Outstanding Trade expenses Buildings Debtors Creditors 475 Insurance 150 5,000 Furniture 200 4,250 Capital 13,000 2,100 Cash 50575 50575 7,045 50,575 50,575

Trail Balance of Mis ram and Sons Particulars Purchases Discount Allowed Dr.(Rs.) CrRs.) Particulars DrARs) Cr.(Rs.) 21,750 Traveling Expense 400 1,300 Commission 425 Carriage Inward Trade Expenses 35,000 Interest Wages 6,975 275 Salaries 2,000 705 Sales 100 Outstanding Trade expenses Buildings Debtors Creditors 475 Insurance 150 5,000 Furniture 200 4,250 Capital 13,000 2,100 Cash 50575 50575 7,045 50,575 50,575

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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17 A company purchased $4,600 worth of merchandise. Transportation costs were an additional $405. The company returned $315 worth of merchandise and then paid the invoice within the 1% cash discount period. The total cost of this merchandise is: 1 Multiple Choice polnts $4,510.00. $4.476.00. $4,644.00. $4,647.15. $4,690.00.
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c. On 9/12 Year 7 $2,000 of ACCOUNTS PAYABLE is paid after the discount period. Phrase 1st: 2nd: Phrase 1st: Account 2nd: Accounts Account Category AL SER E contra AL SER E contra + Accounts Debit Affect d. On 9/28 Year 7 INVENTORY originally purchased for $4,000 on 9/1 Year 7 and was paid for on 9/10 Year 7 is returned by the purchaser and a debit memorandum (a debit to A/P) is received from the seller. [Hint: the amount of cash involved in this transaction must take the 2% discount into account.] Debit + Category AL SE RE contra AL SE RE contra + - + Affect Dr. or Cr. Dr Cr Dr Cr Credit Dr. or Cr. Credit Dr Cr Dr Cr
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