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Following are the particulars available for Z and X, LLP Particulars (Rs in ‘000) retained earnings 860 accounts receivable 250 supplies 150 salaries payable 150 equipment 1500 unearned revenue 200 accounts payable 540 cash 550 prepaid insurance 300 common stock 1000 Prepare T Form Balance Sheet out of the details as shared in the table (5 Marks) Define and calculate

Following are the particulars available for Z and X, LLP

Particulars

(Rs in ‘000)

retained earnings

860

accounts receivable

250

supplies

150

salaries payable

150

equipment

1500

unearned revenue

200

accounts payable

540

cash

550

prepaid insurance

300

common stock

1000

  1. Prepare T Form Balance Sheet out of the details as shared in the table (5 Marks)
  2. Define and calculate the current ratio, Discuss the significance of this rati (5 Marks)
Related Book For  answer-question

Financial Accounting Tools for Business Decision Making

6th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

ISBN: 978-1118644942