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1.

Indicate against each amount whether it is a debit or a credit balance, and prepare a trial balance as at March 31, 2005 based on the following balances: Accounts Title Amount DEBIT CREDIT OMR OMR OMR Capital 1,00,000 Drawings 16,000 Machinery 20,000 Sales 2,00,000 Purchases 2,10,000 Sales return 20,000 Purchases return 30,000 Wages 40,000 Goodwill 60,000 Interest received 15,000 Discount allowed 6,000 Bank overdraft 22,000 Bank loan 90,000 Debtors: Nathu 55,000 Roopa 20,000 Creditors: Reena 35,000 Ganesh 25,000 Cash 54,000 Stock on April 01, 2004 16,000

2.

Prepare a Trial Balance from the following Ledger balances:


AMOUNT(OMR) 1,00,000 60,000 50,000 90,000 30,000 30,000 12,000 10,000 8,000 10,000 5,000 13,000 1,000 16,000 7,000 DEBIT (OMR) CREDIT (OMR)

PARTICULARS Capital Motor van Purchases Sales Debtors Creditors Salaries Depreciation F Wages Rent General Expenses Cash in Hand Bank Overdraft Furniture Investments

Mr. Abdulla Company Income Statement For the year ended 31st December 2011 PARTICULARS Sales Less: Sales return Net Sales Opening stock Add: Purchases Less: Return Add: Direct expenses: Nil AMOUNT AMOUNT (RO) (RO)

Less: Closing Stock Cost of goods sold Gross Profit

Gross Profit Add: Indirect Income: Discount received Less: Indirect Expenses Salaries Discount allowed Electricity and gas Rent and rates Sundry expenses Net Profit

Mr. Abdulla Company Statement of Changes in Owners Equity Particulars Capital in the Beginning Add: 1.Additional Capital introduced during the year 2. Net profit transferred from P/L A/C Less: 1. Drawings 2. (Net Profit) Capital to be shown in the Balance Sheet Mr. Abdulla Company BALANCE SHEET AS AT 31st December 2011 Particulars Amount Amount (RO) (RO) ASSETS: Current Assets: Cash in hand Debtors Closing Stock Total Fixed Assets: Premises Equipment Vehicles Total Total Assets LIABILITIES: Current Liabilities: Bank Overdraft Creditors Tax Payable Total Long term Liabilities: Long term Loan Total CAPITAL: Capital transferred from Statement of changes in owners equity Total Liabilities and Capital Amount (RO) Amount (RO)

1. Prepare financial statement from the following trial balance Trail Balance of Mr. Ishant as on 31st December 2012.

PARTICULARS Cash on hand Purchases Sales Returns Rent and Rates Salaries Stock 1-1-2002 Discount Allowed Electricity and gas Building Machinery Vehicles Sundry Expenses Debtors Bills Receivable Drawings Capital Long term loans Sales Interest Received Purchase Returns Creditors Bank Overdraft Tax payable Total

DEBIT AMOUNT(RO) 3,000 40,000 500 5,000 3,200 22,000 800 1,200 25,000 15,000 50,000 700 8,000 5,600 10,500

CREDIT AMOUNT (RO)

50,000 50,000 72,000 500 300 4,000 10,000 3,700 190,500 190,500

Closing stock at 31st December 2012 was valued at RO. 15,000.

Mr. Ishant Company Income Statement For the year ended 31st December 2012 PARTICULARS Sales Less: Sales return Net Sales Opening stock Add: Purchases Less: Return Add: Direct expenses: Nil AMOUNT AMOUNT (RO) (RO)

Less: Closing Stock Cost of goods sold Gross Profit Gross Profit Add: Indirect Income: Interest received Less: Indirect Expenses Salaries Discount allowed Electricity and gas Rent and rates Sundry expenses Net Profit

Mr. Ishant Company Statement of Changes in Owners Equity Particulars Amount (RO) Amount (RO) Capital in the Beginning Add: 1.Additional Capital introduced during the year 2. Net profit transferred from P/L A/C Less: 1. Drawings 2. (Net Profit) Capital to be shown in the Balance Sheet Mr. Ishant Company BALANCE SHEET AS AT 31st December 2012 Particulars ASSETS: Current Assets: Cash in hand Debtors Closing Stock Bills Receivable Total Fixed Assets: Building Machinery Vehicles Total Total Assets LIABILITIES: Current Liabilities: Bank Overdraft Creditors Tax Payable Total Long term Liabilities: Long term Loan Total CAPITAL: Capital transferred from Statement of changes in owners equity Total Liabilities and Capital Amount (RO) Amount (RO)

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