Moon Company Ltd. has an authorized capital of Rs. 500,000 divided into 5,000 ordinary shares of Rs.100
Question:
Moon Company Ltd. has an authorized capital of Rs. 500,000 divided into 5,000 ordinary shares of Rs.100 each. On 31' December 1959 2,500 shares were fully called and paid up. The following are the balances extracted from the ledger accounts of the company as on 31st December 1989
Inventory 500,000
Advertisement 3,800
Sales 425,000
Bonus 10,500
Purchase 300,000
Debtors 38,700
Wage 70,000
Creditors 35,200
Discount allowed 4,200
Machinery 80,500
Discount received 3,150
Furniture 17,100
Insurance upto 31-3-1999 6,720
Cash at Bank 139,700
Salaries 18,500
Reserves 25,000
Rent 6,000
Loan from A & Co 15,700
General expenses 8,950
Bad debt 3,200
Profit & Loss Account (Cr) 6,220
Printing charges 2,400
OTHER INFORMATION:
(1) Ending inventory on 31st December 1998 was Rs. 96,000
(2) Depreciation charged on Machinery 15% and on Furniture at 10%.
(3) Outstanding Liabilities.
Wages Rs. 6,000
Salary Rs. 15,000
Rent Rs. 1,200
(4) Dividend at 5 percent on paid up share capital to be provided.
Required:
You need to calculate the following information.
1. Net Sales Rs.
2. Cost of good sold Rs.
3. Gross Profit Rs.
4. Total Operation Expenses Rs.
5. Profit For The Year Rs.
6. C/D Retained Earning Rs.
7. Total Noncurrent asset Rs.
8. Total current asset Rs.
9. Total Current Liability Rs.
10 Net Assets Rs.
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts