From the following particulars taken out from the books of Abdul Hanan & Co. You are required to prepare Trading and Profit & Loss Account and Balance Sheet as at December 31st, 2019.Sundry debtors -52000
Account payble - 22000
Cash in hand -2392
Furniture-3500
Motor car - 22000
Purchases- 145000
Sales - 292000
Sales return -2600
Salary - 8420
Opening stock - 11400
Motor car expenses - 3600
Equipment-2508
Insurance premium paid on 1/10/19-2400
Cash at bank-6200
Machinery 24000
Wages- 23600
General expenses-2680
Carriage inward-2040
Carriage outward-1630
Transportation-6430
Owner equity-20000
Drawing - 8000
Rent and taxes-3600
Answers
Answer:
Trading and p and l of abdul Hanan and co.as on.
December 31st, 2019.
To opening stock 11400 Sales - 289400
To Purchases- 145000
To Carriage inward-2040
To Wages- 23600
To gross profit 107360
289400 289400
To Salary-8420 By gross profit 107360
To Insurance-2400
To Motor car expenses -3600
To Transportation-6430
To General expenses-2680
To Carriage outward-1630
To Rent and taxes-3600
To net profit 78600
107360 107360
Account payble-22000 debtors -52000
Owner equity-20000 Cash in hand -2392
add net profit-78600 Furniture-3500
less Drawing-8000 Motor car - 22000
:90600 Equipment-2508
Cash at bank-6200
Machinery 24000
112600 112600
Answer:
Trading A/C:
Particular Amount Particular Amount
Opening stock 11400 Sales 292000
Purchases 145000 -Sales return (2600)
Carriage inward 2040 closing stock(wn1) 133000
wages 23600
Gross profit 240360
422400 422400
Profit and Loss A/C
Particular Amount Particular Amount
Salary 8420 Gross profit 240360
Motor car expn 3600
Insurance premium 2400
General expenses 2680
Carriage outward 1630
Transportation 6430
Rent and taxes 3600
Net profit 211600
240360 240360
Balance Sheet
Liability Assets
Owner equity 20000 Sundry debtors 52000
+Net profit 211600 Cash in hand 2392
-Drawing (8000) Furniture 3500
Motor car 22000
Account payable 22000 Cash at bank 6200
Machinery 24000
Equipment 2508
Closing stock 133000
245600 245600
Working note:
1. calculation of closing stock:
= opening stock+ purchases - goods sold
= 11400+145000-289400
=133000
Therefore, Gross profit:240360; Net profit:211600;
Balance Sheet: 245600
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