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-   -   Income statement and Balance Sheet for given Trial Balance (https://www.askmehelpdesk.com/showthread.php?t=534928)

  • Dec 15, 2010, 07:40 AM
    f.salama
    Income statement and Balance Sheet for given Trial Balance
    Description Debit Credit
    Capital 125,000
    Purchase 110,000
    Stock 5000
    Administration expense 10,000
    Salary 24,000
    Advertisement 4000
    Discounts 4500 6000
    Motor Vehicle 130,000
    Furniture 70,000
    Debtor 16,000
    Electricity 3000
    Rent and rate 17,000
    Stationary 4500
    Selling expenses 10,000
    Sales commission 7000
    Carriage inward 500
    Sales 250,000
    Interest received 6000
    Insurance 11,500
    Provision for depreciation:
    Motor Vehicle 40,000
    Furniture 35,000
    Creditor 9000
    Cash at bank 20,000
    Cash in hand 50,000
    Prepayments 8000
    Bank loan 15% 50,000
    Carriage-outward 25,000

    Additional Information
    Closing Stock-12,000rupees
    NRV-10,000
    Entirely Interest payable for bank loan
    Insurance paid in advance 1500/=
    1000/= payable for electricity
    1000/= receivable for interest

    Required,
    Prepare Income statement and Balance sheet.



  • Dec 15, 2010, 12:40 PM
    pready

    So what is your question. From your adjusted trial balance you have all the account balances you need to prepare your income statement and balance sheet.
  • Feb 18, 2012, 08:04 AM
    Sarfoolo
    Openind

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