XYZ Trading have following data

Sales per annum 11M PKRS 80% Bank and 20 % on credit

Sales Return 500,000/-

Purchases 6000,000/- 80% Bank and 20 % on credit

Direct Labor 1200,000/- Annual

FOH 1,000,000/- Annual

Paid office Rent through cheque 1.2M in start of year

Office utilities Expense 120,000/- Annual

Administrative Salaries 50,000/- Annual

Deprecations expense on plant and Machinery 200,000/- per Annum

Capital invested through bank in start is 10M and one million invested in Plant and Machinery

Required: Pass General entries and closing entries and make Respective Ledgers

Answer rating: 100% (QA)

General Journal 1 Sales Debit Bank Account 80 of PKR 11000000 Debit Accounts Receivable 20 of PKR 11... View the full answer