danniel Itd. was registered with an authorized capital of Rs.7,000,000 divided into 700,000 ordinary shares of...

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danniel Itd. was registered with an authorized capital of Rs.7,000,000 divided into 700,000 ordinary shares of Rs.10 each. The company books showed the following balances on June 30,2005. Debit Balance Cash Accounts receivable Merchandise inventory Office supplies Unexpired insurance Plant assets Vehicles Purchases Transportation in Sales returu & allowance Salaries expenses Credit Balance Paid up capital REQUIRED 110,000 125,000 Retained earnings 42,000 Accounts payable 38,000 6% Debentures payable (a) Income statement (c) Balance sheet 40,000 Accumulated dep.(Plant assets) 450,000 Accumulated dep.(Vehicles) Data for Adjustment on lune 30. 2005: (a) Office supplies used Rs.24.000. (b) Insurance expired Rs.33.000 (c) 20% Depreciation for the year on written down value on vehicles. (d) Depreciation estimated on plant assets Rs.50,000. (e) Salaries for the period Rs.80,000. 200,000 Purchases return & allowance 205,000 Commission income 35,000 Sales revenue 25,000 75.000 1,345,000 (f) Prepaid salaries Rs.5.000. (g) Merchandise inventory Rs.32,000 on 30.6.2005. (h) Provision for estimated bad debts Rs.5.000. (i) Appropriate Rs.40,000 for plant extension and Rs.25,000 for general reserves and declare cash dividend @ 10% on paid up capital. 500,000 50,000 50,000 100,000 50,000 75,000 30,000 90,000 400,000 1,345,000 (b) Statement ofretained earnings danniel Itd. was registered with an authorized capital of Rs.7,000,000 divided into 700,000 ordinary shares of Rs.10 each. The company books showed the following balances on June 30,2005. Debit Balance Cash Accounts receivable Merchandise inventory Office supplies Unexpired insurance Plant assets Vehicles Purchases Transportation in Sales returu & allowance Salaries expenses Credit Balance Paid up capital REQUIRED 110,000 125,000 Retained earnings 42,000 Accounts payable 38,000 6% Debentures payable (a) Income statement (c) Balance sheet 40,000 Accumulated dep.(Plant assets) 450,000 Accumulated dep.(Vehicles) Data for Adjustment on lune 30. 2005: (a) Office supplies used Rs.24.000. (b) Insurance expired Rs.33.000 (c) 20% Depreciation for the year on written down value on vehicles. (d) Depreciation estimated on plant assets Rs.50,000. (e) Salaries for the period Rs.80,000. 200,000 Purchases return & allowance 205,000 Commission income 35,000 Sales revenue 25,000 75.000 1,345,000 (f) Prepaid salaries Rs.5.000. (g) Merchandise inventory Rs.32,000 on 30.6.2005. (h) Provision for estimated bad debts Rs.5.000. (i) Appropriate Rs.40,000 for plant extension and Rs.25,000 for general reserves and declare cash dividend @ 10% on paid up capital. 500,000 50,000 50,000 100,000 50,000 75,000 30,000 90,000 400,000 1,345,000 (b) Statement ofretained earnings

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Daniel Ltd Financial Statements Data Authorized Capital Rs7000000 Paid Up Capital Rs500000 Retained Earnings Rs42000 Other Accounts Balances as of Jun... View the full answer