1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet.

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter12: Intangibles
Section: Chapter Questions
Problem 10MC
icon
Related questions
Question
1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st
March 2022, prepare the Income Statement and Balance Sheet.
Particulars
Goodwill
Leasehold land
Loose Tools
Wages
Rent
Purchases
Opening Inventory
Sales Returns
Carriage on purchases
Insurance
Salaries
Vehicles
Furniture
Maintenance
Accounts receivable
Power
Advertising
TOTAL
Amt Particulars
50,000 Capital
67,450 Sales
7,000 Income from service
25,860 Purchase returns
8,700 Loan
96,420 Accounts payable
38,610 Bank overdraft
400 Provision for bad debts
2,240 Retained earnings
1,180
11,470
27,000
3,200
1,000
39,910
1,070
9,750
3,91,260 TOTAL
Adjustments: Closing Inventory - Rs 40,000
1
Amt
1,25,000
1,78,940
19,630
940
20,000
25,229
4,530
3,000
14,000
3,91,260
Transcribed Image Text:1. From the following Trial Balance of Madras Traders Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet. Particulars Goodwill Leasehold land Loose Tools Wages Rent Purchases Opening Inventory Sales Returns Carriage on purchases Insurance Salaries Vehicles Furniture Maintenance Accounts receivable Power Advertising TOTAL Amt Particulars 50,000 Capital 67,450 Sales 7,000 Income from service 25,860 Purchase returns 8,700 Loan 96,420 Accounts payable 38,610 Bank overdraft 400 Provision for bad debts 2,240 Retained earnings 1,180 11,470 27,000 3,200 1,000 39,910 1,070 9,750 3,91,260 TOTAL Adjustments: Closing Inventory - Rs 40,000 1 Amt 1,25,000 1,78,940 19,630 940 20,000 25,229 4,530 3,000 14,000 3,91,260
Expert Solution
steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Presentation of Financial Statements
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning