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From the following balances extracted from the books of X & Co.

, prepare a trading and profit and loss account and balance sheet on 31st December, 1991. $ 11,000 4,500 39,000 2,800 700 30,000 800 800 700 450 1,300 $ 500 200 1,000 500 4,750 1,100 1,450 60,000 3,000 19,650 17,900

Stock on 1st January Bills receivables Purchases Wages Insurance Sundry debtors Carriage inwards Commission (Dr.) Interest on capital Stationary Returns inwards

Returns outwards Trade expenses Office fixtures Cash in hand Cash at bank Tent and taxes Carriage outwards Sales Bills payable Creditors Capital

The stock on 21st December, 1991 was valued at $25,000.

Solution:
X & Co. Trading and Profit and Loss Account For the year ended 31st December, 1991 To Opening stock To Purchases Less returns o/w 39,000 500 38,500 To Carriage inwards To Wages To Gross profit c/d 800 2,800 30,600 83,700 To Stationary To Rent and rates To Carriage outwards To Insurance To Trade expenses To Commission To Interest on capital To Net profit transferred to capital a/c 450 1,100 1,450 700 200 800 700 25,200 11,000
|By

Sales Less | returns i/w


| | | | | | | | | | | | | | | | |

60,000 1,300 58,700

By Closing stock

25,000

83,700 By Gross profit b/d 30,600

30,600

| |

30,600

X & Co. Balance Sheet As at 31st December, 1991 Liabilities Creditors Bills payable Capital Add Net profit $ 19,650 3,000 17,900 25,200 43,100
| |

Assets Cash in hand | Cash at bank | Sundry debtors | Bill receivable | Stock | Office equipment
| | |

$ 500 4,750 30,000 4,500 25,000 1,000 65,750

65,750

Example 2:
The following trial balance was taken from the books of Habib-ur-Rehman on December 31, 19 .... Cash Sundry debtors Bill receivable Opening stock Building Furniture and fittings Investment (Temporary) Plant and Machinery Bills payable Sundry creditors Habib's capital Habib's drawings Sales Sales discount Purchases Freight in Purchase discount Sales salary expenses Advertising expenses Miscellaneous sales expenses Office salary expenses Misc. general expenses 13,000 10,000 8,500 45,000 50,000 10,000 5,000 15,500 9,000 20,000 78,200 1,000 100,000 400 30,000 1,000 500 5,000 4,000 500 8,000 1,000

Interest income Interest expenses

1,000 800 2,08,700 2,08,700

Closing stock on December 31, 19 ... was $10,000 Required: Prepare income statement/trading and profit and loss account and balance sheet from the above trial balance in report form.

Solution:
Habib-ur-Rehman Income Statement/Profit and Loss Account For the year ended December 31, 19..... Gross sales Less: Sales discount Net Sales Cost of Goods Sold: Opening stock Purchases Add: Freight in 100,000 400 99,600

45,000 30,000 1,000 31,000 500 30,500 75,500 10,000 65,500 34,100

Less purchase discount Net purchases Cost of goods available fort sale Less closing stock Cost of goods sold Gross profit Operating Expenses: Selling Expenses: Sales salary expenses Advertising expenses Misc. selling expenses General Expense: Office salaries expenses Misc. general expenses

5,000 4,000 500 9,500 8,000 1,000

9,000 Total operating expenses Net profit from operations Other Expenses and Incomes: Interest income Interest expenses Net increase Net income 18,500 15,600

1,000 800 200 15,800

Habib-ur-Rehman Balance Sheet As at December 31, 19..... ASSETS Current Assets: Cash Sundry debtors Bills receivable Stock on Dec. 31, 19 .. Investment Total Current Assets Fixed Assets: Buildings Plant and Machinery Furniture and fittings Total Fixed Assets Total Assets

13,000 10,000 8,500 10,000 5,000 46,500 50,000 15,500 10,000 75,500 122,000

LIABILITIES: Current Liabilities: Sundry creditors Bills payable Total Current Liabilities Fixed Liabilities: Habib's capital Net income for the year

20,000 9,000 29,000 78,200 15,800

Less: Drawings

94,000 1,000 93,000

Total Liabilities and Capital

122,000

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