Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020 ACCOUNT TITLES...

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Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020 ACCOUNT TITLES DEBIT CREDIT 150000 Cash 10,000 Inventory MIN Prepaid rent 50,000 60,000 900,000 800,000 MIDT Accounts payable MIDT Salaries payable Long term loan 400,000 Purchases M MIDTER Purchase returns 14,000 Sales returns Transportation-in 5,000 Interest expense 2,000 Salaries expense 44,000 Depreciation expense 29,000 Electricity expense 5,000 Interest expense 5,000 Interest payable IDTERM MID Capital MI Commission Income 1,254,000 10000 Drawing Total 2,484,000 2,484,000 Inventory Closing Rs. 50,000 REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. MIDTER b) Prepare Balance Sheet in classified account form as of December 31, 2020 Na Office Supplies Land Building Accumulated Depreciation 40,000MMIDTLE 80,000 55,000 390,000 600,000 18,000 2/4 25,000 22,000 RM MID Q#3 Following in the adjusted trial balance of M/s Rizwan for the year 2020 ACCOUNT TITLES DEBIT CREDIT 150000 Cash 10,000 Inventory MIN Prepaid rent 50,000 60,000 900,000 800,000 MIDT Accounts payable MIDT Salaries payable Long term loan 400,000 Purchases M MIDTER Purchase returns 14,000 Sales returns Transportation-in 5,000 Interest expense 2,000 Salaries expense 44,000 Depreciation expense 29,000 Electricity expense 5,000 Interest expense 5,000 Interest payable IDTERM MID Capital MI Commission Income 1,254,000 10000 Drawing Total 2,484,000 2,484,000 Inventory Closing Rs. 50,000 REQUIRED a) Prepare Income Statement for the year ended December 31, 2020. MIDTER b) Prepare Balance Sheet in classified account form as of December 31, 2020 Na Office Supplies Land Building Accumulated Depreciation 40,000MMIDTLE 80,000 55,000 390,000 600,000 18,000 2/4 25,000 22,000 RM MID

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Sales Revenue Net of Return Less Purchase Net of return Add Stock Adjustment Operating Expenses Tran... View the full answer