Question

from the following information prepare the balance sheet of abhishek ltd
paid up capital = 75000
plan & machinaery =185000
to sales(p.a.) =700000
gross profit=20%
annual credit sales =70% of net sales
current ratio=2, inventory turnover=4
fixed asst turnover=2,sales return=15% of sales
avg. collection period=90 days,bank credit to trade=2
cash to inventory=1:20,total debit to current liabilities=3

Answer 1

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