The following are the balances taken from the books of meena ltd. On 31st december 2011:...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following are the balances taken from the books of meena ltd. On 31st december 2011: Stock on 1-1-2011 15,000 Debtors 5,000 Wages 8,000 Creditors 6,000 Sales 40,000 P&1 a/c 3,500 Returns inward 500 Purchases 6,000 Plant 18,000 Discounts earned 200 Cash in hand 600 Salaries 800 Bank account 3,400 Rent 2,000 Bad debts reserve 175 Discount allowed 250 Bad debts 150 General expenses 1,300 Insurance 300 Dividend (interim) 575 Capital 12,000 Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50. Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st december 2011. The following are the balances taken from the books of meena ltd. On 31st december 2011: Stock on 1-1-2011 15,000 Debtors 5,000 Wages 8,000 Creditors 6,000 Sales 40,000 P&1 a/c 3,500 Returns inward 500 Purchases 6,000 Plant 18,000 Discounts earned 200 Cash in hand 600 Salaries 800 Bank account 3,400 Rent 2,000 Bad debts reserve 175 Discount allowed 250 Bad debts 150 General expenses 1,300 Insurance 300 Dividend (interim) 575 Capital 12,000 Closing stock was valued at rs.9,000. Rs.500 still due to labourers. Insurance unexpired rs.50. Provide for a bad debts reserve of 5% and a reserve for discount at 1%. Prepare trading and profit and loss account as at 31st december 2011.
Expert Answer:
Answer rating: 100% (QA)
Answer Solution Preparation of Trading and Profit and Loss Account for Meena Ltd Trading and Profit ... View the full answer
Related Book For
Principles of Auditing and Other Assurance Services
ISBN: 978-0078025617
19th edition
Authors: Ray Whittington, Kurt Pany
Posted Date:
Students also viewed these accounting questions
-
Describe the actions that could be taken by the managers in the Business Studies Textbook division of a publishing company to improve the division's ROI. (Assume the division is responsible for...
-
Enumerate specific steps to be taken by the auditors to ascertain that a clients inventories have not been pledged or subjected to a lien of any kind.
-
Suppose that a certain examination is to be taken by five students independently of one another, and the number of minutes required by any particular student to complete the examination has the...
-
What constant should replace the question mark in this system so that the solution set is {(1, 1, 1)}? 2x - 3y + -5x + 2y z = 0 - 2 = x + y + 2z = ? 4 -4
-
What is value chain analysis? What does the firm gain by successfully using this tool?
-
If the secondary phase current of a 480Y/277208Y/120 V transformer, a three-phase transformer, is 10 A, estimate the primary line current and the total primary power used by the transformer in kW if...
-
On April 1, 2006, US Ultracom issued 7\%, 10-year bonds payable with maturity value of \(\$ 400,000\). The bonds pay interest on March 31 and September 30, and US Ultracom amortizes premium and...
-
(Term Modification without GainCreditors Entries) Using the same information as in E14-21 above, answer the following questions related to American Bank (creditor). (a) What interest rate should...
-
Identify where in the National Quality Standards, Regulations and National law, does it discuss health and safety, and what this means in an early childhood education and care service. I have found...
-
Knowing that the pulley has a radius of 0.5 m, draw the free-body diagram(s) needed to determine the components of the reactions at A and E. 700 N
-
11.9. Town and Country has experienceda substantial increase in business volume because of recent fare wars between the major air carriers. Town and Country operates a single office at a major...
-
A motor vehicle of total mass 5.7 Mg starts the ascent of a 1 in 50 gradient at a speed of 32 km/h and maintains a constant tractive effort of 3.5 kN throughout the total length of 600 m. The road...
-
Financial statement analysis. Based on listed companies. Includes a report and a presentation Based on Apple, Microsoft & Microstrategy companies, explore Financial Statement from 2020 until 2022...
-
1. Describe in detail 2 types of marketing concepts used for a coffee shop business in Fiji preferable The Coffee Hub in terms of marketing management and its application to the company. 2. For both...
-
A resident company pays a net $7,200 fully imputed dividend to each of its five shareholders. Work out how each of the shareholders are taxed, assuming the following additional tax information: Tom...
-
Use "data table" function to calculate various of NPV for Project B. Use the following information to create the two variables datatable: WACC: 3%, 4%, 5%, 6%, 7%, 8%, 9%, 10%, 11%, 12%, and The...
-
The ground clearance of an overhead electrical cable must be determined. Surveyor B is positioned directly under the cable (surveyor B can make a position check by sighting past the string of a plumb...
-
Discuss whether responsible human resources management should apply different standards for the home company and suppliers, for developed countries and developing countries, and for large companies...
-
What does an operational audit attempt to measure? Does an operational audit involve more or fewer subjective judgments than a compliance audit or an audit of financial statements? Explain. To whom...
-
You have discussed with the president of Vista Corporation several material weaknesses in internal control that have come to your attention during your audit. At the conclusion of this discussion,...
-
What board establishes international ethical standards for accountants? How do these standards compare to the AICPA Code of Professional Conduct?
-
State whether the data are symmetrical, skewed to the left, or skewed to the right. 1; 1; 1; 2; 2; 2; 2; 3; 3; 3; 3; 3; 3; 3; 3; 4; 4; 4; 5; 5
-
What is the average rate of return for the values that follow? 4.2, 4.3, 4.5
-
When the data are skewed left, what is the typical relationship between the mean and median?
Study smarter with the SolutionInn App