TRADE AND PROFIT AND LOSS ACCOUNT, Financial Accounting

Assignment Help:
The following figures are taking from the book of Sheen Compnay limited as on december 31,2009
DEBIT SIDE :
opening stock Rs 75000
purchases 245000
wages 30000
carriage 950
furniture 17000
salaries 7500
rent 4000
trade expenses 7050
dividend paid 9000
debtors 27500
plant & machinery 29000
cash at bank 46200
patents 4800
bill receivables 5000
total 508000
CREDIT SIDE :
purchase return 10000
sales 340000
discount 3000
profit & loss 15000
share capital 100000
creditors 17500
general reserve 15500
bill payables 7000
total 508000

Related Discussions:- TRADE AND PROFIT AND LOSS ACCOUNT

Accounting for PPE, Acquisition of Assets: The cost method of accounting is...

Acquisition of Assets: The cost method of accounting is used for the initial recording of all acquisitions of assets controlled by the authority. Cost is determined as the fair val

Prepare the journal entries, Clarkston Inc issued $1,000,000 of convertible...

Clarkston Inc issued $1,000,000 of convertible 10- year, 11% bonds on July 1, 2014. The interest is payable semiannually on January 1 and July 1. The discount in connection with th

Nikki., Trying to calculate earnings per share. Is net income the same as ...

Trying to calculate earnings per share. Is net income the same as earnings before interest and taxes?

Definition of bankruptcy, DEFINITION OF BANKRUPTCY Bankruptcy is another ...

DEFINITION OF BANKRUPTCY Bankruptcy is another key area of accounting . The issues addressed here deal with the properties of an individual (a sole trader or partner in a partner

Determine the cost of equity, Lockheed Martin's management wishes to fi...

Lockheed Martin's management wishes to find out whether they have excess debt capacity. Its current market value of equity is $40 b and its book value of debt is $

What is process synchronization, Consider an MBA program as a processing ne...

Consider an MBA program as a processing network where the flow unit consists of a student in the program.  Suppose the organizations that hire and promote MBAs are considered to be

How will url services be affected, URL services has two divisions. Basic we...

URL services has two divisions. Basic webpages and custom webpages. Ricky Vega, Custom's manager wants to find out why Custom is not profitable. He has prepared the following repor

Beta of stock x, You have observed the following returns over time: ...

You have observed the following returns over time: Year Stock X Stock Y Market 2006 13% 13%

What are some examples of co branded foods?, What are some examples of co b...

What are some examples of co branded foods? is cool ranch doritos one?

brooks''s stock, Investors need a 15% rate of return on Brooks Sisters' st...

Investors need a 15% rate of return on Brooks Sisters' stock (rs = 15%). a.  What would the value of Brooks's stock be if the last dividend was D0 = $1.5 and if investors expect

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd