Question

Use the following information to prepare a trial balance and figure out the missing numbers.
Cash 720,000

Interest revenue 215,000
Bonds payable 485,000

   Sales discounts 70,000
Sales returns and allowances 80,000

Equipment 1,470,000
Land 480,000

Accounts payable 490,000
Buildings 1,640,000   

Notes payable (to banks) 300,000
Unsecured notes payable (long-term) 1,600,000

Notes receivable 445,700
Administrative and general expenses 220,000

Payroll taxes payable 177,591
Interest expense 175,750

Accumulated depreciation—equipment 292,000
Loss from impairment of plant assets 85,000

Rent payable (short-term) 45,000
Income taxes receivable 97,630

Long-term rental obligations 531,700
Accumulated depreciation- Buildings 270,200

Share capital—ordinary, €1 par value 200,000
Income taxes payable 98,362

Trading securities 70,000
Share capital—preference, €10 par value 150,000

Goodwill 192,420
Prepaid expenses 20,200

Selling expenses 100,000
Retained earnings ?

Purchases and sales transactions during the year were as follows, the company uses the perpetual inventory system, and it applies the FIFO cost flow
assumption to account for its inventory:
date purchases date sales
units Unit price units Unit price
1/1/18 30000 30.00 4/1/18 30000 35.00
3/4/18 15000 30.08 9/4/18 15000 36.00
6/5/18 7000 30.40 23/5/2018 3000 37.00
7/6/18 3500 30.50 4/6/18 1400 39.00
21/8/18 8000 30.80 23/11/18 10600 40.00
19/11/18 5000 30.90

all seal and purchase were in cash

if the account receivable in the beginning of the year had a balance 950000 allowance doubtful account had a credit balance 15000, management estimate that 9% of receivable will be uncollectable during the year. management wrote of 75000

Prepare the trial balance of the provided company after figuring out the missing number

Answer 1

Trial Balance As On 31/12/2018
		(In Euro's)
PARTICULARS	DEBIT	CREDIT
Share capital
Share capital—ordinary, €1 par value		2,00,000.00
Share capital—preference, €10 par value		1,50,000.00
Liabiliies
Bonds payable		4,85,000.00
Accounts payable		4,90,000.00
Notes payable (to banks)		3,00,000.00
Unsecured notes payable (long-term)		16,00,000.00
Payroll taxes payable		1,77,591.00
Rent payable (short-term)		45,000.00
Long-term rental obligations		5,31,700.00
Income taxes payable		98,362.00
Accumulated depreciation—equipment		2,92,000.00
Accumulated depreciation- Buildings		2,70,200.00
Assets
Cash	7,20,000.00
Equipment	14,70,000.00
Land	4,80,000.00
Buildings	16,40,000.00
Notes receivable	4,45,700.00
Income taxes receivable	97,630.00
Trading securities	70,000.00
Goodwill	1,92,420.00
Prepaid expenses	20,200.00
Account Receivable	9,50,000.00
Closing Stock	2,62,300.00
Income /Gain
Interest revenue		2,15,000.00
Sales		21,79,600.00
Expenses/Loss
Sales discounts	70,000.00
Sales returns and allowances	80,000.00
Administrative and general expenses	2,20,000.00
Interest expense	1,75,750.00
Loss from impairment of plant assets	85,000.00
Selling expenses	1,00,000.00
Purchases	20,71,650.00
Bad Debts	75,000.00
Allowance for Doubtful A/c		25,500.00
Profit & Loss Account		85,500.00
Retained Earnings		20,80,197.00
TOTAL	92,25,650.00	92,25,650.00

Allowance for Doubtful Account
Particulars	Amount	Particulars	Amount
To Bad Debts	75,000.00	By Balance B/d	15,000.00
To Balance C/d	25,500.00	By Profit & Loss a/c	85,500.00
		(950000*9%)
	1,00,500.00		1,00,500.00

Calculation of Inventory Under FIFO Method

	Purchases			Sales			Balance
Date	Units	Cost	Total	Units	Cost	Total	Units	Cost	Total
1/1/18	30000	€     30.00	€        9,00,000.00				30,000	€     30.00	€        9,00,000.00
04/1/18				30000	€     35.00	€       10,50,000.00	-	€           -	€                       -
03/4/18	15000	€     30.08	€        4,51,200.00				15,000	€     30.08	€        4,51,200.00
9/4/18				15000	€     36.00	€         5,40,000.00	-	€           -	€                       -
6/5/18	7000	€     30.40	€        2,12,800.00				7,000	€     30.40	€        2,12,800.00
23/5/18				3000	€     37.00	€         1,11,000.00	4,000	€     30.40	€        1,21,600.00
04/6/18				1400	€     39.00	€            54,600.00	2,600	€     30.40	€           79,040.00
7/6/18	3500	€     30.50	€        1,06,750.00				2,600	€     30.40	€           79,040.00
							3,500	€     30.50	€        1,06,750.00
21/8/18	8000	€     30.80	€        2,46,400.00				2,600	€     30.40	€           79,040.00
							3,500	€     30.50	€        1,06,750.00
							8,000	€     30.80	€        2,46,400.00
19/11/18	5000	€     30.90	€        1,54,500.00				2,600	€     30.40	€           79,040.00
							3,500	€     30.50	€        1,06,750.00
							8,000	€     30.80	€        2,46,400.00
							5000	€     30.90	€        1,54,500.00
23/11/18				10600	€     40.00	€         4,24,000.00	3500	€     30.80	€        1,07,800.00
							5000	€     30.90	€        1,54,500.00
Totals	68500		€      20,71,650.00	60000		€       21,79,600.00	8500		€        2,62,300.00