Michael started business with cash 600,000, cash at Bank of America 700,000, 1-Apr furniture 200,000. 1-Apr Purchased Plant & Machinery worth 250,000 by cheque. 25-Apr Purchased goods from ABC Ltd worth 800,000 @10% trade discount. 5-May Cash Sales 1,000,000 @5% trade discount to XYZ Traders 15-May Deposited cash with Bank of America 500,000. 5-Jun Paid ABC Ltd 300,000 in cash. 10-Jun Received commission 75,000 by cheque. 25-Jun Cash Purchases 250,000. 5-Jul Sold goods to XYZ Traders 475,000. 15-Jul Received 275,000 by cheque from XYZ Traders. 5-Aug Loan taken from Bank of America 200,000 25-Aug Purchased goods from ABC Ltd 50,000. 27-Aug|Withdrew cash from bank 10,000. 5-Sep Received commission 55,000 in cash. 10-Sep Paid ABC Ltd 70,000 by cheque. 20-Sep Received 90,000 in cash from XYZ Traders. 1-Oct Bank loan repaid 50,000. 25-Oct Cash Purchases 25,000. 5-Nov Sold goods to XYZ Traders 47,000. 15-Nov Withdrew cash from bank 15,000. 5-Dec Received interest from bank 5,000. 25-Dec Purchased goods from ABC Ltd 75,000. 5-Jan Cash Sales 100,000. 15-Jan Deposited cash with Bank of America 35,000. 25-Feb Cash Purchases 450,000. 28-Feb Office was taken on rent in the month of Feb. Office rent paid in cash 50,000. Employees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 28-Feb 30,000 for the month of Feb 20x2. 5-Mar Sold goods to XYZ Traders 675,000. 31-Mar Paid office rent by cheque 50,000. 31-Mar Paid salary in cash 30,000 for the month of March
Michael started business with cash 600,000, cash at Bank of America 700,000, 1-Apr furniture 200,000. 1-Apr Purchased Plant & Machinery worth 250,000 by cheque. 25-Apr Purchased goods from ABC Ltd worth 800,000 @10% trade discount. 5-May Cash Sales 1,000,000 @5% trade discount to XYZ Traders 15-May Deposited cash with Bank of America 500,000. 5-Jun Paid ABC Ltd 300,000 in cash. 10-Jun Received commission 75,000 by cheque. 25-Jun Cash Purchases 250,000. 5-Jul Sold goods to XYZ Traders 475,000. 15-Jul Received 275,000 by cheque from XYZ Traders. 5-Aug Loan taken from Bank of America 200,000 25-Aug Purchased goods from ABC Ltd 50,000. 27-Aug|Withdrew cash from bank 10,000. 5-Sep Received commission 55,000 in cash. 10-Sep Paid ABC Ltd 70,000 by cheque. 20-Sep Received 90,000 in cash from XYZ Traders. 1-Oct Bank loan repaid 50,000. 25-Oct Cash Purchases 25,000. 5-Nov Sold goods to XYZ Traders 47,000. 15-Nov Withdrew cash from bank 15,000. 5-Dec Received interest from bank 5,000. 25-Dec Purchased goods from ABC Ltd 75,000. 5-Jan Cash Sales 100,000. 15-Jan Deposited cash with Bank of America 35,000. 25-Feb Cash Purchases 450,000. 28-Feb Office was taken on rent in the month of Feb. Office rent paid in cash 50,000. Employees were hired in the month of Feb. Paid salary by cheque 30,000 & cash 28-Feb 30,000 for the month of Feb 20x2. 5-Mar Sold goods to XYZ Traders 675,000. 31-Mar Paid office rent by cheque 50,000. 31-Mar Paid salary in cash 30,000 for the month of March
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
| (ii) Prepare the Income Statement and Balance Sheet taking into consideration: 1. Closing Stock as on 31st March is 200,000. 2. Salary outstanding for the month of March is 30,000. 3. Depreciation@10% to be charged on Furniture & Fixtures and @15% on Plant & Machinery. |
Transcribed Image Text:Michael started business with cash 600,000, cash at Bank of America 700,000,
1-Apr furniture 200,000.
1-Apr Purchased Plant & Machinery worth 250,000 by cheque.
25-Apr Purchased goods from ABC Ltd worth 800,000 @10% trade discount.
5-May Cash Sales 1,000,000 @5% trade discount to XYZ Traders
15-May Deposited cash with Bank of America 500,000.
5-Jun Paid ABC Ltd 300,000 in cash.
10-Jun Received commission 75,000 by cheque.
25-Jun Cash Purchases 250,000.
5-Jul Sold goods to XYZ Traders 475,000.
15-Jul Received 275,000 by cheque from XYZ Traders.
5-Aug Loan taken from Bank of America 200,000
25-Aug Purchased goods from ABC Ltd 50,000.
27-Aug|Withdrew cash from bank 10,000.
5-Sep Received commission 55,000 in cash.
10-Sep Paid ABC Ltd 70,000 by cheque.
20-Sep Received 90,000 in cash from XYZ Traders.
1-Oct Bank loan repaid 50,000.
25-Oct Cash Purchases 25,000.
5-Nov Sold goods to XYZ Traders 47,000.
15-Nov Withdrew cash from bank 15,000.
5-Dec Received interest from bank 5,000.
25-Dec Purchased goods from ABC Ltd 75,000.
Transcribed Image Text:5-Jan Cash Sales 100,000.
15-Jan Deposited cash with Bank of America 35,000.
25-Feb Cash Purchases 450,000.
28-Feb Office was taken on rent in the month of Feb. Office rent paid in cash 50,000.
Employees were hired in the month of Feb. Paid salary by cheque 30,000 & cash
28-Feb 30,000 for the month of Feb 20x2.
5-Mar Sold goods to XYZ Traders 675,000.
31-Mar Paid office rent by cheque 50,000.
31-Mar Paid salary in cash 30,000 for the month of March
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