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Old Friday, November 01, 2013
Ammara Khan88 Ammara Khan88 is offline
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This is the solution I could solve. You people are requested to pinpoint mistakes, because neither my p/l accounts is correct nor Balance sheet.

Q. 5
Paper, 2002


Trading and p/l account (Dr.)
Opening Stock........Nil

Purchases..................nil
Less Returns.............nil
Wages Rs. 1000
Add Accrued wages Rs. 150 1150
Gross Profit......... Rs. 13250

Advertisement Expense...100
Supplies Expense ..........1700
Rent and other Expense(5500+500)..............6000
Depreciation...................................... ....1200
Net Profit............................................ 4650

Trading and p/l account (Cr.)

Sales(Service fee)..........14000
Closing Stock............nil
Service Fee Earned......... 400


Balance Sheet Assets

Cash Rs. 200
Service Fee Receivable 400
Accounts R/A 1500
Prepaid Advertisement 400
Less expired 100 300
Supplies 1300
Equipment 9600
Less Depreciation 1200 8400
Total 11700


Liabilities


Accounts Payable 800
Rent Payable 500
Capital 10000
Add N.I 4650
Less Drawing 3600 11050



Total Capital and Liabilities 12350
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