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

You won a lottery which pays $10, You won a lottery which pays $10,000 per ...

You won a lottery which pays $10,000 per year for 10 years (at the end of each year). Assuming a discount rate of 8% calculate the present value of your expected winnings

Concepts of accounting, Q. Concepts of accounting? - The major underlyi...

Q. Concepts of accounting? - The major underlying assumptions or else concepts of accounting are (a) business entity (b) going concern (continuity) (c) money measurement (d) st

An accounting perspective - uses of technology, Accountants and others are ...

Accountants and others are able to access the home pages of companies to find their annual reports and other information home pages of CPA firms to find employment opportunities an

Inventory or incidental cost, While perusing medical practice, is the cost ...

While perusing medical practice, is the cost of supplies, for patients on site, considered as an inventory, or an incidental cost? With 2 million in sales the chemotherapy medicine

Explain about purchase returns and allowances, Q. Explain about Purchase re...

Q. Explain about Purchase returns and allowances? Purchase returns and allowances A purchase return takes place when a buyer returns merchandise to a seller. When a buyer recei

Accounting theory, explain the proceedure followed in government system of ...

explain the proceedure followed in government system of accounting in india

What is customer master record?, A Customer Master Record is a permanent re...

A Customer Master Record is a permanent record that haves key information about a business partner or a material. This information must be entered into the system before any transa

Funds flow analysis, Funds Flow Analysis :  This study is occasionally c...

Funds Flow Analysis :  This study is occasionally called as 'Statement of alter in Financial Position".  Beneath this analysis, a declaration is prepared which give details the

What is cyclic reporting, Q. What is Cyclic reporting? Cyclic reporting...

Q. What is Cyclic reporting? Cyclic reporting and the matching principle necessitate the preparation of adjusting entries. Adjusting entries are journal entries prepared at the

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