FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows fro…
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the …
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It…
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expect…
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6. From the following Trial Balance of ABC Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet. Particulars Computers Plant and Machinery Cash in hand Cash at bank Opening Inventory Debtors Purchases Sales Carriage Outward Creditors Rent General Expenses Loan @ 10% p.a Returns Inwards Returns Outward Repairs Wages Interest Electricity Charges Bills Payable Capital Total Adjustments: Amt 37,000 3,80,000 4,500 51,830 8,100 65,300 2,73,685 3,100 41,700 24,000 1,300 1,400 54,755 10,000 2,800 Amt 5,20,870 20,600 2,00,000 1,100 6,900 2,10,000 9,59,470 9,59,470 6 ● Closing Inventory - Rs 15600 ● Create a provision for doubtful debts @ 5% • Depreciation on plant machinery - 10%; Computers - 20% • General expenses - Rs 2000 paid in advance ||
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Transcribed Image Text:6. From the following Trial Balance of ABC Ltd for the year ended 31st March 2022, prepare the Income Statement and Balance Sheet. Particulars Computers Plant and Machinery Cash in hand Cash at bank Opening Inventory Debtors Purchases Sales Carriage Outward Creditors Rent General Expenses Loan @ 10% p.a Returns Inwards Returns Outward Repairs Wages Interest Electricity Charges Bills Payable Capital Total Adjustments: Amt 37,000 3,80,000 4,500 51,830 8,100 65,300 2,73,685 3,100 41,700 24,000 1,300 1,400 54,755 10,000 2,800 Amt 5,20,870 20,600 2,00,000 1,100 6,900 2,10,000 9,59,470 9,59,470 6 ● Closing Inventory - Rs 15600 ● Create a provision for doubtful debts @ 5% • Depreciation on plant machinery - 10%; Computers - 20% • General expenses - Rs 2000 paid in advance ||
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