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32 views1 page

Dbs Insert

Uploaded by

Taimoor
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Q.

1 The following List of items relates to business of Boston LTD who is yet to prepare his final accounts for
the year ended 31st December 2020.

Particulars $

Fixtures 62500
Land & Building 325640
Motor Vehicle 99870
Equipment 201000
Inventory on 1st Jan. 2012 51354
A/c Receivable 93210
Bank 107893
Cash 73614
10% Bank Loan 150000
A/c Payable 87451
Opening Capital ?
Drawings 66500
Sales 994000
Sales Return 26000
Discount Allowed 12050
Purchases 675000
Purchase Return 53000
Discount Received 26500
Carriage Inwards 8645
Carriage outwards 10010
Rent & Insurance 46500
Wages & Salaries 65400
Heating and Lighting 39800
Loan Interest 15000
Sundry Expenses 23542
Repairs and maintenance 36520

Additional Information:
• Closing Inventory at 31st December 2012 is valued at $ 93289

Required:

1) Prepare a Trial Balance for year ended 31 Dec 2020 [15 marks]
2 Prepare an Income Statement for the year ended 31 December 2020. [15 marks]

3) Draft a Statement of Financial Position as at 31 December 2020. [15 marks]

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