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Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1:1 from the following Trial Balance and additional information prepare Trading and Profit and Loss account for the year ended 31st March 2019 and Balance Sheet as on that date. Trial balance as on 31st March 2019?
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Daya and Kshama are Partners sharing Profits and Losses in the ratio o...
Trial Balance as on 31st March 2019
Assets:
- Cash: $10,000
- Accounts Receivable: $15,000
- Inventory: $20,000
- Prepaid Expenses: $5,000
- Land and Building: $100,000
- Plant and Machinery: $50,000
- Furniture and Fixtures: $10,000
- Investments: $30,000
- Goodwill: $25,000
Liabilities:
- Accounts Payable: $12,000
- Bank Overdraft: $8,000
- Accrued Expenses: $4,000
- Loans Payable: $40,000
Equity:
- Capital - Daya: ?
- Capital - Kshama: ?
Additional Information:
- Depreciation on Land and Building: $5,000
- Depreciation on Plant and Machinery: $10,000
- Depreciation on Furniture and Fixtures: $2,000
- Outstanding Rent: $3,000
- Interest on Loans: $2,000
- Daya withdrew for personal use: $5,000
- Kshama withdrew for personal use: $3,000
Trading and Profit and Loss Account for the year ended 31st March 2019:
Revenue:
- Sales: ?
- Interest Income: ?
- Total Revenue: ?
Expenses:
- Cost of Goods Sold: ?
- Depreciation Expense: ?
- Rent Expense: ?
- Interest Expense: ?
- Total Expenses: ?
Gross Profit:
- Revenue - Cost of Goods Sold
Net Profit:
- Gross Profit - Total Expenses
Balance Sheet as on 31st March 2019:
Assets:
- Cash: $10,000
- Accounts Receivable: $15,000
- Inventory: $20,000
- Prepaid Expenses: $5,000
- Land and Building: $100,000 - Depreciation
- Plant and Machinery: $50,000 - Depreciation
- Furniture and Fixtures: $10,000 - Depreciation
- Investments: $30,000
- Goodwill: $25,000
Total Assets: Sum of all assets
Liabilities:
- Accounts Payable: $12,000
- Bank Overdraft: $8,000
- Accrued Expenses: $4,000
- Loans Payable: $40,000
Total Liabilities: Sum of all liabilities
Capital:
- Daya's Capital: ?
- Kshama's Capital: ?
Total Capital: Sum of Daya's Capital and Kshama's Capital
Total Liabilities and Capital: Sum of Total Liabilities and Total Capital
Assets:
- Cash: $10,000
- Accounts Receivable: $15,000
- Inventory: $20,000
- Prepaid Expenses: $5,000
- Land and Building: $100,000
- Plant and Machinery: $50,000
- Furniture and Fixtures: $10,000
- Investments: $30,000
- Goodwill: $25,000
Liabilities:
- Accounts Payable: $12,000
- Bank Overdraft: $8,000
- Accrued Expenses: $4,000
- Loans Payable: $40,000
Equity:
- Capital - Daya: ?
- Capital - Kshama: ?
Additional Information:
- Depreciation on Land and Building: $5,000
- Depreciation on Plant and Machinery: $10,000
- Depreciation on Furniture and Fixtures: $2,000
- Outstanding Rent: $3,000
- Interest on Loans: $2,000
- Daya withdrew for personal use: $5,000
- Kshama withdrew for personal use: $3,000
Trading and Profit and Loss Account for the year ended 31st March 2019:
Revenue:
- Sales: ?
- Interest Income: ?
- Total Revenue: ?
Expenses:
- Cost of Goods Sold: ?
- Depreciation Expense: ?
- Rent Expense: ?
- Interest Expense: ?
- Total Expenses: ?
Gross Profit:
- Revenue - Cost of Goods Sold
Net Profit:
- Gross Profit - Total Expenses
Balance Sheet as on 31st March 2019:
Assets:
- Cash: $10,000
- Accounts Receivable: $15,000
- Inventory: $20,000
- Prepaid Expenses: $5,000
- Land and Building: $100,000 - Depreciation
- Plant and Machinery: $50,000 - Depreciation
- Furniture and Fixtures: $10,000 - Depreciation
- Investments: $30,000
- Goodwill: $25,000
Total Assets: Sum of all assets
Liabilities:
- Accounts Payable: $12,000
- Bank Overdraft: $8,000
- Accrued Expenses: $4,000
- Loans Payable: $40,000
Total Liabilities: Sum of all liabilities
Capital:
- Daya's Capital: ?
- Kshama's Capital: ?
Total Capital: Sum of Daya's Capital and Kshama's Capital
Total Liabilities and Capital: Sum of Total Liabilities and Total Capital
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Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1:1 from the following Trial Balance and additional information prepare Trading and Profit and Loss account for the year ended 31st March 2019 and Balance Sheet as on that date. Trial balance as on 31st March 2019?
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Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1:1 from the following Trial Balance and additional information prepare Trading and Profit and Loss account for the year ended 31st March 2019 and Balance Sheet as on that date. Trial balance as on 31st March 2019? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1:1 from the following Trial Balance and additional information prepare Trading and Profit and Loss account for the year ended 31st March 2019 and Balance Sheet as on that date. Trial balance as on 31st March 2019? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Daya and Kshama are Partners sharing Profits and Losses in the ratio of 1:1 from the following Trial Balance and additional information prepare Trading and Profit and Loss account for the year ended 31st March 2019 and Balance Sheet as on that date. Trial balance as on 31st March 2019?.
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