trading profit & loss, Accounting Basics

Assignment Help:
trial balance as at may 31 19*6
dr cr
sales 400000
purchases 350000
sales return 5000
purchases return 6200
openingstock jan 100000
provisionfor bad debt 800
wages/salaries 30000
rates 6000
telephone 1000
shop fittings at cost 40000
van at cost 30000
debtors&creditors 9800 7000
bad debts 200
capital 179000
bank balance 3000
drawings 18000

1. closing stock at dec 19*7 120000
2. accrued wages 5000
3. rates prepaid 500
4. the provision for bad debts to be increased to 10 per cent of debtors
5. telephone account outstanding 220
6. depreciate shop fittings at 10 per cent per annum,and van at 20 per cent per annum on cost.

Related Discussions:- trading profit & loss

Assess the solvency of a business, Identify and explain the two ratios that...

Identify and explain the two ratios that are used to assess the solvency of a business.

Describe about capital, Q. Describe about Capital? Capital -- money inv...

Q. Describe about Capital? Capital -- money invested in a business by its owners. On the right side or bottom of a balance sheet. Capital also denotes to machinery, buildings a

Numbers and measurements are the language of business., Numbers and measure...

Numbers and measurements are the language of business. Organizations look at results, expenses, quality levels, efficiencies, time, costs, etc. What measures does your department

Owner got personal loan from his bank and sign note, owner got personal loa...

owner got personal loan from his bank and sign note payable.what is the journal entries?

Inome statement, #question.outline basic elements to keep in mind while pre...

#question.outline basic elements to keep in mind while preparing an income statement?

Journal, Why to and by using in journal, trading a/c, p&l a/c and ledger?

Why to and by using in journal, trading a/c, p&l a/c and ledger?

CIS 180, Start in cell E3. Complete the series of substitution values rangi...

Start in cell E3. Complete the series of substitution values ranging from 5 to 15 at increments of 1, vertically down column E.

Ethical perspective - world auto parts corporation, John Bentley is the chi...

John Bentley is the chief financial officer for World Auto Parts Corporation the company buys approximately USD 500 million of auto parts every year from small suppliers all over t

#nocluewhattodo, I need help understanding and filling out an income statem...

I need help understanding and filling out an income statement packet!

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