by following is trial balance of commercial company on 31/12/2015 Additional inf

Question

by following is trial balance of commercial company on 31/12/2015

Additional information:
1-Inventory of goods was assessed at 31/12/2015 at 30.000 $.
2-Fixed assets are depreciated annual rate of 10%.
Required:
1- Trading A/c. 2-profit and loss A/c

             Tading A/c

    profit and loss A/c

Account credit Debit Capital 500.000 purchases-sales 300.000 150.000 Detors-creditors 20.000 50.000 Discount alowwed-Discount recevied 10.000 15.000 Returns sales-Returns purchases 10.000 10.000 trolleys 300.000 furniture 100.000 Rent 15.000 slaries 25.000 electricity and water 10.000 Received commision 30.000 custioms fees of purchases 15.000 good in 1/1 20.000 Notes Receviable-Notes payable 30.000 90.000 fund(I mean box of bank) 100.000 TOTAL 900.000 900.000

Explanation / Answer

Commercial company Trading Account $ Debit $ $ Credit $ Opening inventory                20.000 Sales revenue             300.000 Purchases             150.000 Less: Sales return             (10.000)                290.000 Less: Purchases return             (10.000)             140.000 Ending inventory                  30.000 custioms fees of purchases                15.000 Gross profit             145.000 TOTAL             320.000 TOTAL                320.000 Commercial company Profit and loss account $ Debit $ $ Credit $ Discount alowwed                15.000 Gross profit                145.000 Rent                15.000 Discount recevied                  10.000 slaries                25.000 Received commision                  30.000 electricity and water                10.000 Depreciation on fixed asset ($ 300.000 + $ 100.000) x 10%                40.000 Net profit                80.000 TOTAL             185.000 TOTAL                185.000 Commercial company Balance sheet Equity and liabilities $ $ Assets $ $ Capital             500.000 trolleys             300.000 Add: Net profit                80.000 Less: Depreciation             (30.000)                270.000 Total equity             580.000 furniture             100.000 creditors                20.000 Less: Depreciation             (10.000)                  90.000 Notes payable                30.000 Inventory                  30.000 Debtors                  50.000 Notes Receviable                  90.000 fund                100.000 TOTAL             630.000 TOTAL                630.000

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