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From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:?
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From the following Trial Balance taken from the books of Kapoor and Co...
Trading Account
- Opening Stock xxx
- Purchases xxx
- Direct Expenses xxx
- (Less) Closing Stock (xxx)
- Gross Profit xxx
Profit and Loss Account
- Gross Profit xxx
- Indirect Expenses xxx
- Interest xxx
- Depreciation xxx
- Net Profit xxx
Balance Sheet
Assets
- Fixed Assets xxx
- Current Assets xxx
- Investments xxx
- Total Assets xxx
Liabilities
- Capital xxx
- Reserves and Surplus xxx
- Long-term Liabilities xxx
- Current Liabilities xxx
- Total Liabilities xxx
In the Trading Account, we calculate the Gross Profit by deducting the cost of goods sold (opening stock + purchases + direct expenses - closing stock) from the net sales.
In the Profit and Loss Account, we calculate the Net Profit by deducting all indirect expenses like interest, depreciation, etc. from the Gross Profit.
In the Balance Sheet, we list all the assets and liabilities of the company as on the balance sheet date. Assets include fixed assets, current assets, and investments, while liabilities include capital, reserves and surplus, long-term liabilities, and current liabilities.
By preparing these financial statements, we can analyze the performance of the company for the year ended 31st Dec. 2010 and understand its financial position as on that date.
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From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:?
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From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:?.
From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for From the following Trial Balance taken from the books of Kapoor and Co., prepare Trading Account, Profit Loss Account for the year ended 31st Dec. 2010 and a Balance Sheet as on that date:?.
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