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

What are adjusting entries, Q. What are adjusting entries? When you sta...

Q. What are adjusting entries? When you start to analyze business transactions you saw that the evidence of the transaction is typically a source document. It is any printed or

Cash flow analysis, Cash  Flow Analysis:   As per the Institute of Cost...

Cash  Flow Analysis:   As per the Institute of Cost and Works Accountants of India (AICWAI), a Cash Flow Statement is a declaration setting out the flow of cash under different

What is sales transaction, Q. What is sales transaction? - In a sales t...

Q. What is sales transaction? - In a sales transaction the seller transmits the legal ownership (title) of the goods to the buyer. - An invoice is a document prepared by the

Accounting , Jim owns and manages a small business, which provides an offic...

Jim owns and manages a small business, which provides an office design service, as well as buying and selling office furniture. Jim is a sole trader who manages all aspects of the

Explain about modifying conventions, Q. Explain about Modifying conventions...

Q. Explain about Modifying conventions? In certain examples companies don't strictly apply accounting principles because of modifying conventions (or constraints). Modifying co

Why are you expecting 50% growth scalar, I am expecting 50 growth because o...

I am expecting 50 growth because of the market size and consumers patronage, also because of latest product and service been introduced, also due to the competent working force wit

Uses of the profit and loss account, Uses of the Profit and Loss Account ...

Uses of the Profit and Loss Account 1) The key utilize is to monitor and calculate profit. This suppose that the informat ion recording is correct. Significant harms can arise

Assume tc stands for total cost, 1. Fill in the table below.  Assume TC sta...

1. Fill in the table below.  Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Aver

Accounting for business, got 1 question for accounting for business its a 2...

got 1 question for accounting for business its a 25 min question? can you help in this?

How the payment mechanism work. explain, The open items of an account can o...

The open items of an account can only be cleared once you post an identical offsetting amount to the account. In other words, the balance of the items assigned to every other must

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