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Question 1: The following balances were taken from Mazoon Company 31.12.2019 &nbsp

Question 1: The following balances were taken from Mazoon Company 31.12.2019

Account's name	R.O
Sales	7 500
Sales Returns	750
Purchases Returns	1 000
Opening Stock	1 500
Rent Revenues	500
Interest Expenses	600
Salaries	900
Electricity Expenses	200
Phone Expenses	300
Depreciation Expenses	500
Interest Revenues	750
Cash	5 000
Creditors = Accounts Payable	1 500
Buildings	3 500
Cars	4 000
Overdraft	1 250
Debtors = Accounts receivable	500
Bank	10 000
Furniture	3 000
Land	1 750
Loans	3 250
Marketable Securities	2 250
Machines	1 750
Purchases	4 000
Capital	?

Closing Stock was 1,750 as on 31/12/2019

You are required to:

1. Organize Trial balance and find out capital. [4 Marks]

2. Prepare Income Statement. [8 Marks]

3. Prepare Balance sheet. [8 Marks]

Trial Balance

Account's name	Dr.	Cr.
Cash
Creditors = Accounts Payable
Buildings
Cars
Overdraft
Debtors = Accounts receivable
Bank
Furniture
Land
Loans
Marketable Securities
Machines
Purchases
Sales
Sales Returns
Purchases Returns
Opening Stock
Rent Revenues
Interest Expenses
Salaries
Electricity Expenses
Phone Expenses
Depreciation Expenses
Interest Revenues
Capital
Total

Income Statement

Balance Sheet

Current Assets:

Fixed Assets:

Current Liabilities:

Long-term Liabilities:

Owner’s equity:

Expert Solution

ekkarill92 answered 1 year ago

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