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problem 1: What are the major components of a set of Financial Statements and what are their respective purposes?

problem 2: Trial balances of Hans Ltd on 30 June 2008 were as shown below:

653_trial balances.jpg

The given additional information was available:

a) The annual rates used for depreciation are 20% for motor vehicles and 10% for the office equipment. 
b) Stock at 30 June 2008 was valued Rs 90,000 at cost and at Rs 100,000 at net realizable value.
c) Rent comprised Rs 1,750 paid to the landlord as deposit.
d) Carriage inwards owing amounted to Rs 3,000.
e) Goods worth Rs 2,750 were eliminated from the stores for personal use and were not recorded.
f) Provision for doubtful debts is to be adjusted to 5% of debtors.

Required: (All workings must clearly be shown):

A) The Trading Account for Hans Ltd for the year ended 30 June 2008

B) The Profit and Loss Account of Hans Ltd for the year ended 30 June 2008.

C) The adjusted Balance Sheet of Hans Ltd as at 30 June 2008.

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M96401

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