Financial Accounting Help Prepare Trading Account and Profit and Loss Account for the period ending on 31* December 2006and a Balance Sheet as at that date from the following Trial Balance of Asian Trading Company.Debit (Rs)30,0004,0006,00047,000Credit (Rs)Opening StockCash in hand.Cash at bank.Purchases.SalesCapital.Drawings.Furniture.1,31,4001,83,2008,40024,000Salaries outstanding.Sundry debtors.Sundry creditors.26,0033,60025,000Income Tax.1,20036,00080,0001,60024,00026,0006,0003,30,400Machinery.Building.Interest on investment.Wages.Salaries.General expenses.Total.3,30,400The following additional information is supplied.1. Stock in hand on 31* December, 2006 is Rs. 32,0002. Machinery and Building are to be depreciated at the rate of 5 and 2percent p.a and Furnitureat the rate of 10 percent p.a.3. Provide for doubtful debts@5% and for discount @5% on debtors.4. Create reserve for discount on creditors@ 3%.5. Wages payable Rs. 3,000.

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Prepare Trading Account and Profit and Loss Account for the period ending on 31* December 2006 and a Balance Sheet as at that date from the following Trial Balance of Asian Trading Company. Debit (Rs) 30,000 | 4,000 | 6,000 47,000 Credit (Rs) Opening Stock Cash in hand. Cash at bank. Purchases. Sales Capital. Drawings. Furniture. Salaries outstanding. Sundry debtors. Sundry creditors. Income Tax. Machinery. Building. Interest on investment. 1,31,400 1,83,200 8,400 24,000 26,00 33,600 25,000 1,200 36,000 | 80,000 1,600 24,000 | 26,000 6,000 3,30,400 Wages. Salaries. General expenses. Total. 3,30,400 The following additional information is supplied. 1. Stock in hand on 31* December,2006 is Rs. 32,000 2. Machinery and Building are to be depreciated at the rate of 5 and 2percent p.a and Furniture at the rate of 10 percent p.a. 3. Provide for doubtful debts@5% and for discount @5% on debtors. 4. Create reserve for discount on creditors@ 3%. 5. Wages payable Rs. 3,000.

Prepare Trading Account and Profit and Loss Account for the period ending on 31* December 2006 and a Balance Sheet as at that date from the following Trial Balance of Asian Trading Company. Debit (Rs) 30,000 | 4,000 | 6,000 47,000 Credit (Rs) Opening Stock Cash in hand. Cash at bank. Purchases. Sales Capital. Drawings. Furniture. Salaries outstanding. Sundry debtors. Sundry creditors. Income Tax. Machinery. Building. Interest on investment. 1,31,400 1,83,200 8,400 24,000 26,00 33,600 25,000 1,200 36,000 | 80,000 1,600 24,000 | 26,000 6,000 3,30,400 Wages. Salaries. General expenses. Total. 3,30,400 The following additional information is supplied. 1. Stock in hand on 31* December,2006 is Rs. 32,000 2. Machinery and Building are to be depreciated at the rate of 5 and 2percent p.a and Furniture at the rate of 10 percent p.a. 3. Provide for doubtful debts@5% and for discount @5% on debtors. 4. Create reserve for discount on creditors@ 3%. 5. Wages payable Rs. 3,000.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 4PB

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