Question

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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

ekkarill92 answered 1 year ago
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