13.Surekha 's trial balance was as follows.Trial Balance for the year ended 31st March, 2008Debit BalancesAmt?Credit BalancesAmt1,50,000 By Provident Fund10,000 By Interest on Provident50,000 fund Investment15,500 By Purchase return10,000 By Sundry Creditors5,800 By Sales7,200 By Capital17,500300To Purchases11,000To Sales returnTo Sundry DebtorsTo Opening StockTo Salaries50010,00020,0002,06,30050,000To WagesTo FurnitureTo MachineryTo Bad debtsTo Advertisement(for 3 years from1" Oct.,2007)3,00010,0001,0003,0004,50010,0002,97,800To 10% Provident Fund InvestmentTo Provident Fund contributionTo InsuranceTo Drawings:To Deferred Revenue expenses2,97,800Adjustments : 1.Closing stock on 31* March 2008 -Cost price ? 70,0002.Depreciate - Machinery by 10% and Furniture by 20%3.Goods worth 78,000 sold by 25% profit on keep or return scheme.4.Outstanding expenses – Wages 2,000; Salaries 35,0005.Write off 1,000 as bad debts and provide reserve for doubtful debts @5%.Prepare Trading and Profit and Loss account for the year ended 31" March, 2008 andBalance Sheet on that date.р.а.(GP-1,01,000, NP=74,960, B/s =1,59,460)

based on the given details we submit the below trading and Profit & Loss and Balancesheet

13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31 March, 2008 Amt? Debit Balances Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries To Wages To Furniture To Machinery 500 10,000 20,000 2,06,300 50,000 To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 4,500 10,000 2,97,800 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% p.a. 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for doubtful debts @5%. Prepare Trading and Profit and Loss account for the year ended 31t March, 2008 and Balance Sheet on that date.

13.Surekha 's trial balance was as follows. Trial Balance for the year ended 31 March, 2008 Amt? Debit Balances Credit Balances Amt 1,50,000 By Provident Fund 10,000 By Interest on Provident 50,000 fund Investment 15,500 By Purchase return 10,000 By Sundry Creditors 5,800 By Sales 7,200 By Capital 17,500 300 To Purchases 11,000 To Sales return To Sundry Debtors To Opening Stock To Salaries To Wages To Furniture To Machinery 500 10,000 20,000 2,06,300 50,000 To Bad debts To Advertisement(for 3 years from 1" Oct.,2007) 3,000 10,000 1,000 3,000 To 10% Provident Fund Investment To Provident Fund contribution To Insurance To Drawings: To Deferred Revenue expenses 4,500 10,000 2,97,800 2,97,800 Adjustments : 1.Closing stock on 31* March 2008 -Cost price 70,000 2.Depreciate - Machinery by 10% and Furniture by 20% p.a. 3.Goods worth 78,000 sold by 25% profit on keep or return scheme. 4.Outstanding expenses – Wages 2,000; Salaries 35,000 5.Write off 1,000 as bad debts and provide reserve for doubtful debts @5%. Prepare Trading and Profit and Loss account for the year ended 31t March, 2008 and Balance Sheet on that date.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What is the total shareholders equity?
1. PGold Company provided the following trial balance on December 2020: Total credits amounting to P3,000,000 as follows; Bank overdraft P100,000, Accounts Payable P200,000, Accrued expenses P150,000, Ordinary share capital P1,500,000, Share premium P250,000, Retained earnings P800,000. Total debits of P3,000,000 composed the following; Accounts receivable P350,000, Inventory P600,000, Prepaid expenses P100,000, Land held for sale P1,000,000, Property, plant & equipment P950,000. Additional information: Checks amounting to 300,000 were written to vendors and recorded on December 29, 2020 resulting in a cash overdraft of P100,000. The checks were mailed on January 15, 2021. Land held for resale was sold for cash on January 31, 2021. The entity issued the financial statements on March 31, 2021. What total amount should be reported as as current liabilities?
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