The following is the Trial Balance of Khalid Butt on 31st December 2005: Capital Land and Building Purchases O O O O O Sales Returns In and Out Discounts allowed and received. Salaries Wages Advertising Insurance Stationery Interest Rent Cash Stock Debtors Creditors Furniture Adjustments: Dr. Rs. 40,000 86,215 2,364 1,007 18,131 6,227 1,025 1,833 1,024 13,227 14,522 22,300 28,200 236,075 Cr. Rs. 50,000 138,290 4,139 2,395 o Closing stock, Rs. 12,031. Salaries and wages are outstanding by Rs. 1,200 and Rs. 579 respectively. 2,311 6,540 32,400 236,075 o Advertising paid in advance, Rs. 225. Unused stationery, Rs. 124. Furniture to be depreciated by 15%. 2% of the debtors are doubtful. Required: A Work Sheet and Trading and Profit & Loss Account and a Balance Sheet for Khalid Butt.

The following is the Trial Balance of Khalid Butt on 31st December 2005: Capital Land and Building Purchases O O O O O Sales Returns In and Out Discounts allowed and received. Salaries Wages Advertising Insurance Stationery Interest Rent Cash Stock Debtors Creditors Furniture Adjustments: Dr. Rs. 40,000 86,215 2,364 1,007 18,131 6,227 1,025 1,833 1,024 13,227 14,522 22,300 28,200 236,075 Cr. Rs. 50,000 138,290 4,139 2,395 o Closing stock, Rs. 12,031. Salaries and wages are outstanding by Rs. 1,200 and Rs. 579 respectively. 2,311 6,540 32,400 236,075 o Advertising paid in advance, Rs. 225. Unused stationery, Rs. 124. Furniture to be depreciated by 15%. 2% of the debtors are doubtful. Required: A Work Sheet and Trading and Profit & Loss Account and a Balance Sheet for Khalid Butt.

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

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 18E: Errors During the course of your examination of the financial statements of Burnett Co., a new...

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