ABC CORPORATION LTD. reveals the following accounting infomation in their pre-closing trial balance as on June...

 

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ABC CORPORATION LTD. reveals the following accounting infomation in their pre-closing trial balance as on June 30, 2015: Debit in Rs. Cash 100,000; Accounts Receivables 160,000; merchandise (July 1", 2014) 62,000; Plant Assets 3,750,000; sales retum 7,000; Purchases 1,250,000; Transportation-in 20,000; Salaries expenses 145,000; Prepaid advertising 20,000; sales discounts 3,000; director's fee 210,000. Total Rs. 5,727,000. Credit in Rs. Sales Revenue 1,995,000; accumulated depreciation 350,000 Paid up Capital 2,468,000; Retain Eamings 300,000; 15% Bonds payable 500,000; Accounts payable 112,000; Purchases retum 2,000. Total Rs. 5,727,000. Data for adjustments on June 30, 2015 i) ii) ii) iv) v) vi) vii) viii) ix) x) Advertising expired Rs. 5,000 Merchandise valued at Rs. 60,000 Director's fee outstanding for the period Rs. 30,000 Prepaid salaries Rs. 25,000 Provide depreciation on Plant Assets at 10% Accrued interest onnotes payable. Utility bills are still unpaid for the period Rs. 8,000. Directors announced 10% cash dividend on shares capital. Provision of Rs. 50,000 for office equipment. 40% corporate tax. Required: a. Income Statement for the year ended June 30, 2015. b. Statement of Retain Eamings and Balance Sheet for the year ended June 30, 2015. ABC CORPORATION LTD. reveals the following accounting infomation in their pre-closing trial balance as on June 30, 2015: Debit in Rs. Cash 100,000; Accounts Receivables 160,000; merchandise (July 1", 2014) 62,000; Plant Assets 3,750,000; sales retum 7,000; Purchases 1,250,000; Transportation-in 20,000; Salaries expenses 145,000; Prepaid advertising 20,000; sales discounts 3,000; director's fee 210,000. Total Rs. 5,727,000. Credit in Rs. Sales Revenue 1,995,000; accumulated depreciation 350,000 Paid up Capital 2,468,000; Retain Eamings 300,000; 15% Bonds payable 500,000; Accounts payable 112,000; Purchases retum 2,000. Total Rs. 5,727,000. Data for adjustments on June 30, 2015 i) ii) ii) iv) v) vi) vii) viii) ix) x) Advertising expired Rs. 5,000 Merchandise valued at Rs. 60,000 Director's fee outstanding for the period Rs. 30,000 Prepaid salaries Rs. 25,000 Provide depreciation on Plant Assets at 10% Accrued interest onnotes payable. Utility bills are still unpaid for the period Rs. 8,000. Directors announced 10% cash dividend on shares capital. Provision of Rs. 50,000 for office equipment. 40% corporate tax. Required: a. Income Statement for the year ended June 30, 2015. b. Statement of Retain Eamings and Balance Sheet for the year ended June 30, 2015.

Answer rating: 100% (QA)

a Income Statement Answer ABC CORPORATION LTD Income Statement For the Year Ending June 30 2015 Sales Revenue 1995000 Less Sales Return 7000 Sales Dis... View the full answer