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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. |
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