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Question 1
From the following particulars,
Prepare a balance sheet of Mr. Somesh as at 31st March 2021:
Capital 550,000
Drawings 10,000
Sundry Debtors 100,000
Sundry Creditors 80,000
Loan From Bank20,000
Net profit 160,000
Closing Stock 50,000
Plant and Machinery 150,000
Building 120,000
Land 300,000
Goodwill 50,000
Furniture and Fixtures 30,000

Question 2
The Trial Balance relates to Audrey Traders Ltd as at 31st December 2022

Details DR. CR.

Stock(Inventory) 10,000
Bank 35,000
Returns 800 1,100
Purchases and Sales 15,000 28,000
Rent 580
Insurance 950
Creditors 450
Carriage inwards 1200
Discount 300 16,200

Additional Information;
Closing stock is valued at 2,500
Carriage outwards 1,200
Prepaid insurance of 150 at the end the period
Required:
Prepare a Trading profit and loss account for the period ended
31st/December 2022

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Question 3
The following Trial Balance relates to Mohan Enterprises limited.
For the period 28/February/2023

PARTICULARS DR. CR.

Land and building 2,750
Plant and Machinery 1,332
Opening stock 4,173
Sales 20,783
Purchases 12,733
Carriage inwards 478
Bad debts 225
Salaries & Wages 1,227
Debtors 5,445
Discount Received 763
Creditors 2,429
Discount Allowed 824
Furniture 192
General Expenses 1,338
Capital 10,659
Bank balance 1,874
Rates Expenses 188
Drawings 1,855
34,634 34,634
Closing stock as the end of the period 4,420

Required:
Prepare profit and loss account and Balance sheet for Mohan Lt d for the
period 28th February 2023

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Question 4
ABC Enterprises Limited’s Trial balance for the period ended 31st December
2011.

PARTICULARS ($) ($)

Capital 12,000
Drawing 12,000
Creditors 40,000
Loans 10,000
Cash in hand 2,200
Cash at Bank 10,400
Debtors 50,500
Commission received 4,000
Furniture 12,000
Machinery 28,400
Opening stock 75,000
Purchases 180,000
Returns inwards 2,000
Rent expenses 6,800
Salaries and wages 48,000
Travelling expenses 16,000
Sales 280,000
Office expenses 2500
Insurance 700
Discount 1,600 3,000
Carriage in wards 4,000
4,37,800 437,800

Additional information;
i. Closing Stock was valued at 68,500$
ii. Prepaid salaries and wages 8,000 as at the 31st.December 2011
iii. Insurance of 100$ being insurance outstanding
iv. Internet subscription of 6,000$ was not recorded anywhere in the
books of ABC enterprises Limited
Prepare:
1) Income statement (Profit and loss account)
2) Balance sheet