Question

From the following, you are required to prepare Trading and Profit & Loss Account and Balance Sheet.

Answer 1

Answer:

1) Closing Stock Trading Ac Credit Side And Balance Sheet Asset Side

2) Calculate The Amount Of Depreciation

And Post It In Profit And Loss A/c and less from The respective asset

3) add the outstanding amount to the outstanding salaries 30,000 and wages 30,000 respectively

and write it on balance sheet liability side

4) less from insurance premium paid and write this 5 thousands in balance sheet asset Side

5)less from purchases 50,000 and write it in balance sheet asset side and Calculate the Depreciation also