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Prepare the Trial balance, Profit & Loss Account, and Balance Sheet incorporating the adjustment entries. Ledger...

Prepare the Trial balance, Profit & Loss Account, and Balance Sheet incorporating the adjustment entries. Ledger Balances (SR) Opening stock 6 000 Capital 40 000 Salary 6 000 Drawings 6 000 Carriage inwards 1 000 Carriage outwards 500 Return inwards 800 Return outwards 500 Loan given to X 3 000 Loan taken from Y 5 000 Rent expense 1 200 Rent outstanding 100 Purchases 60 000 Accounts Receivable 30 000 Accounts payable 13 000 Advertisement expense 3 000 Liability of other expenses 2 900 Bad debt 500 Discount received 300 Discount allowed 600 Cash 2,200 Furniture 3 000 Goodwill 5 000 Wages 100 Sales 73 700 Insurance premium 600 Rent from subletting 500 Bank 6 500 Adjustment entries: 1. Closing stock SR 9 500 2. Provide depreciation on furniture @10% 3. Loan to X carries 8% interest pa 4. Loan from Y carries 6% interest pa 5. Provide 5% reserve for bad and doubtful debts

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ekkarill92 answered 1 year ago
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