I want correct answer otherwise I will give downvotes 4. Mr. Bunny keeps his books on Single entry system and the followinginformation is available for the year ending 30th June 2020.ParticularsAs on 1-7-2019 (Rs) As on 30-6-2020 (Rs)2,000400InvestmentsNILFurniture400StockDebtorsCash in handCreditors5,6004,2003006,1006,800400o legBills PayableLoan3,500NIL n3,800600NIL1,000He has drawn Rs.1,000 during the year for personal needs. Prepare astatement showing his profit for the year ending 30th June, 2016 after writing off 10%depreciation on furniture and making a provision for bad debts of 10% on debtors.Solu

4 Mr. Bunny keeps his books on Single entry system and the following nformation is available for the year ending 30th June 2020. Particulars As on 1-7-2019 (Rs) As on 30-6-2020 (Rs). eb. 2,000 400 NIL Investments Furniture Stock 400 5,600 6,100 Debtors Cash in hand Creditors Bills Payable 5 4,200 300 3,500 NIL OS. 6,800 400 3,800 A ed 600 1,000 Loan NIL He has drawn Rs.1,000 during the year for personal needs. Prepare a statement showing his profit for the year ending 30th June, 2016 after writing off 10% depreciation on furniture and making a provision for had debts of 10% on dehtors

4 Mr. Bunny keeps his books on Single entry system and the following nformation is available for the year ending 30th June 2020. Particulars As on 1-7-2019 (Rs) As on 30-6-2020 (Rs). eb. 2,000 400 NIL Investments Furniture Stock 400 5,600 6,100 Debtors Cash in hand Creditors Bills Payable 5 4,200 300 3,500 NIL OS. 6,800 400 3,800 A ed 600 1,000 Loan NIL He has drawn Rs.1,000 during the year for personal needs. Prepare a statement showing his profit for the year ending 30th June, 2016 after writing off 10% depreciation on furniture and making a provision for had debts of 10% on dehtors

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EA: Use information from EA10. Compute the interest expense due when Barkers honors the note. Show the...

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The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below:Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235Required:1. Prepare in good form a single step statement of earnings (income statement) of Palm Realtors Ltd.for the year ended December 31, 2019.
The adjusted trial balance of Palm Realtors Ltd. at December 31, 2019, appears below: Palm Realtors Ltd.Adjusted Trial BalanceDecember 31, 2019Cash $ 8,950Accounts receivable 53,530Prepaid rent 2,200Equipment 45,690Accumulated amortization $ 18,930Accounts payable 15,900Interest payable 900Salary payable 3,500Income tax payable 4,700Note payable (due 2025) 19,500Common shares 8,000Retained earnings 29,325Dividends 30,000Commissions 227,480Depreciation expense 6,260Salary expense 140,500Rent expense 26,400Interest expense 1,500Income tax expense 13,205Total $328,235 $328,235 Prepare in good form a classified statement of financial position for Palm Realtors Ltd as at December 31, 2019,