Question

Q.3: Khan presented the following trial balance at the end of financial year 2006.

     

Cash

22500


Bank

31000


Stock

65020


Discount

920

850

Rent

9500


Fixtures and furniture

14830


Advertisement expenses

5370


Heat and light

1160


Wages

600


Insurance

260


Debtors and Creditors

25600

29520

Capital


125000

Drawings

8924


Loan


80000

General expenses

15800


Fuel expenses

25610


Salaries

42000


Purchases and Sales

56000

89724

Total amount

325094

325094

Other data:

    Stock was valued at Rs.98230 on December 31, 2006.

    Wages owing Rs.8250.

    Depreciation charges on fixture and fitting at 10% on cost.

    Khan had taken goods of Rs.10000 for his personal use. This amount has not been recorded in the accounts.

Insurance expired Rs.100.


Required: Prepare Income Statement and Balance Sheet​

Answer 1

Answer:

3157293972542 answer