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

calculations indicate about your company, Market determines are useful for...

Market determines are useful for analyzing publicly traded corporations. Many of these calculates use stock price, which reflects the market's (public's) expectation for the compan

Underlying assumptions or concepts of accounting, Q. Underlying assumptions...

Q. Underlying assumptions or concepts of accounting? The major underlying assumptions or concepts of accounting are (a) business entity (b) going concern (continuity) (c) money

Explain merchandising companies, Q. Explain Merchandising companies? Me...

Q. Explain Merchandising companies? Merchandising companies buy goods that are ready for sale and then sell them to customers. Merchandising companies comprise clothing stores,

Need for adjusting entries, Q. Need for adjusting entries? The income s...

Q. Need for adjusting entries? The income statement of business information all revenues earned and all expenses incurred to generate those revenues during a given period. An i

Accounting, Accounting Accounting has evolved and emerged within respo...

Accounting Accounting has evolved and emerged within response to the social & economic requirement of the society. The accounting procedure has its own syntax. The primary sys

Enumerate the term - depreciation, Explain the term- Depreciation This ...

Explain the term- Depreciation This is a term which is used to describe the expense which results from loss of usefulness of an asset because of age, wear and tear, and obsoles

Prepare the journal entry, Assume that the following are independent situat...

Assume that the following are independent situations recently reported in the Wall Street Journal. 1. National Electric 8% bonds, maturing January 28, 2013, were issued at 112.16.

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