Question
In: Accounting
Q. From the following information in Trial balance prepare Trading, Profit and Loss Account and Balance...
Q. From the following information in Trial balance prepare Trading, Profit and Loss Account and Balance Sheet of the company as on 31st December 2020.
|
Particulars |
Dr. Amount (Dhs) |
Cr. Amount (Dhs) |
|
Capital Purchases Purchase Returns Sales Sales Returns Opening Stock Cash in Hand Salaries Rent Commission received Drawings Wages General Expenses Creditors Debtors Machinery Furniture Land and Building Bank Loan |
200,000 50,000 90,000 65,000 35,000 30,000 20,000 50,000 15,000 100,000 65,000 50,000 170,000 |
300,000 10,000 310,000 20,000 145,000 155,000 |
|
940,000 |
940,000 |
Closing Stock is 320,000 dhs
Answers should be in Word version or Excel
Solutions
Expert Solution
Solution of the above problem is as under:
| Trial Balance | ||
| As on December 31, 2020 | ||
| Particulars | Debit Amount (Dhs) | Credit Amount (Dhs) |
| Capital | 300000 | |
| Purchases | 200000 | |
| Purchase Returns | 10000 | |
| Sales | 310000 | |
| Sales Returns | 50000 | |
| Opening Stock | 90000 | |
| Cash in Hand | 65000 | |
| Salaries | 35000 | |
| Rent | 30000 | |
| Commission Received | 20000 | |
| Drawings | 20000 | |
| Wages | 50000 | |
| General Expenses | 15000 | |
| Creditors | 145000 | |
| Debtors | 100000 | |
| Machinery | 65000 | |
| Furniture | 50000 | |
| Land and Building | 170000 | |
| Bank Loan | 155000 | |
| TOTAL | 940000 | 940000 |
| Closing Stock is 320000 dhs |
| Trading, Profit and Loss Account | |||
| For the Year Ended December 31, 2020 | |||
| Particulars | Debit Amount (Dhs) | Particulars | Credit Amount (Dhs) |
| Opening Stock | 90000 | Sales: 310000 | |
| Purchases : 200000 | Less: Sales Return (50000) | 260000 | |
| Less: Purchases Return (10000) | 190000 | ||
| Closing Stock | 320000 | ||
| Gross Profit (b/f) | 300000 | ||
| 580000 | 580000 | ||
| Salaries | 35000 | Gross Profit | 300000 |
| Rent | 30000 | Commission Received | 20000 |
| Wages | 50000 | ||
| General Expenses | 15000 | ||
| Net Profit (b/f) | 190000 | ||
| 320000 | 320000 |
| Balance Sheet | |||||
| As on December 31, 2020 | |||||
| Assets | Working (Dhs) | Amount (Dhs) | Liabilities | Working (Dhs) | Amount (Dhs) |
| Current Assets | Current Liabilities | ||||
| Cash in Hand | 65000 | Creditors | 145000 | 145000 | |
| Closing Stock | 320000 | ||||
| Debtors | 100000 | 485000 | Non-Current Liabilities | ||
| Bank Loan | 155000 | 155000 | |||
| Non-Current Assets | |||||
| Machinery | 65000 | Shareholders' Equity | |||
| Furniture | 50000 | Capital | 300000 | ||
| Land and Building | 170000 | 285000 | Less: Drawings | -20000 | |
| Add: Net Profit Transferred | 190000 | 470000 | |||
| Total Assets | 770000 | Total Equity and Liability | 770000 |
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