Prepare the trading and profit and loss account
Course:- Cost Accounting
Reference No.:- EM13298425

Assignment Help
Expertsmind Rated 4.9 / 5 based on 47215 reviews.
Review Site
Assignment Help >> Cost Accounting

Mr. Rahmat Ali commenced a new business following are thetransactions of his first months operations.

1. He started business with cash Rs. 1,50,000.
2. He deposited Rs.1,30,000 in a newly opened bank account.
3. He purchased goods for cash Rs.8,000.
4. He purchased goods for Rs.10,000, payment was made throughbank.
5. He withdrew Rs.1,000 from the bank for personal use.
6. He sold goods for cash Rs.15,000.
7. He paid salary in cash Rs.200.
8. He gave a cheque for rent Rs.3,00.
9. Sold goods on account to Y, Rs.8,000.
10. Purchased goods on account from X, Rs.5,000.
11. Sold goods for cash Rs.1,000.
12. Purchased goods from Z for cash Rs.2,500.
13. Purchased goods for cash Rs.2,800.
14. Cash paid to X, Rs.3,000.
15. Cash received from Y, Rs. 1,600.
16. Furniture purchased for cash Rs. 20,000.
17. Furniture purchased from Anil on account Rs.30,000.
18. Sold a goods to Mehtab for cash Rs. 5,000.
19. Interest earned Rs. 5,400.

Prepare the Trading and Profit and Loss Account and Balance Sheetfrom the above information.

Put your comment

Ask Question & Get Answers from Experts
Browse some more (Cost Accounting) Materials
Refer to the facts in Exercise 11-39. In Exercise, Douglas manufactures four grades of lubricant, W-10, W-20, W-30, and W-40, from a joint process. Additional information foll
How many calendars did agents take to give to clients during January? What is the cost of the calendars given out? What is the cost of the ending inventory of calendars
Prepare journal entries to record Lopez 2010 and 2011 summarized transactions and its year-end adjustments to record bad debts expense. (The company uses the perpetual inven
Taylor s has a beta of .78 and a debt-to-equity ratio of .2. The market rate of return is 10.6 percent, the tax rate is 34 percent, and the risk-free rate is 1.4 percent. Wh
ABC limited account of motor vehicles as at 1/1/03 was Ksh. 5,000,000 while the accumulated depreciation as at that date was Ksh. 2,000,000. During the year the following tr
Sunshine Co Ltd produces two types ofwindow frame, aluminum and wooden. The company's simple costing system has two direct cost categories (materials and labour)and one indire
The Bethlehem Inn is an all-equity firm with 18,000 shares outstanding at a value per share of $14.50. The firm is issuing$50,000 of debt and using the proceeds to reduce the
In January of 2012, Tim paid $4,800 for an insurance policy that covers his business property for accidents and casualties. Tim is a calendar-year taxpayer who uses the c