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Question of Assaignment on Financial Statement Preparation

In: Business and Management

Submitted By sifatnsu
Words 1724
Pages 7
Assignment 2
Dear all,
Please solve the following problems and submit it on or before 30 November, 2012.

Question.1 : As on December 31, 2001 the end of annual accounting period, the trial balance of the ledger of Mahmud Store are as follows:
MAHMUD STORE
TRIAL BALANCE
DECEMBER 31, 2001

Sl. No. | Name of Accounting | Debit Tk. | Credit Tk. | 1 | Cash | 90,000 | | 2 | Accounts Receivable | 166,000 | | 3 | Merchandise inventory | 300,000 | | 4 | Purchase | 3,310,000 | | 5 | Prepaid Insurance | 38,000 | | 6 | Store Equipment | 800,000 | | 7 | Accumulated D/P – Store Equipment | | 170,000 | 8 | Accounts Payable | | 190,000 | 9 | Mahmud – Capital | | 900,000 | 10 | Mahmud – drawings | 220,000 | | 11 | Sales | | 4,830,000 | 12 | Sales Return & allowances | 150,000 | | 13 | Sales Discount | 72,000 | | 14 | Purchase Return & allowances | | 100,000 | 15 | Purchase Discount | | 64,000 | 16 | Freight in | 122,000 | | 17 | Freight out | 75,000 | | 18 | Advertising expenses | 155,000 | | 19 | Rent expenses | 200,000 | | 20 | Salaries expenses | 395,000 | | 21 | General expenses | 165,000 | | 22 | Vat current account | | 4,000 | | Total | 6,258,000 | 6,258,000 |
Additional information:
(a) Merchandise inventory on hand at December 31, 2001 is Tk. 395,000.
(b) Merchandise in transit at December 31, 2001 costing Tk. 5,000, which was shipped by a supplier under the terms F.O.B Shipping point and recorded as purchase but not included in ending Merchandise inventory.
(c) Insurance expired during the period is Tk. 20,000.
(d) Salaries accrued but not paid Tk. 10,000.
(e) Depreciation expenses are changed during the period was Tk. 80,000.
(f) General expenses include Tk. 15,000 for utilities, which is to be treated as selling expenses.

Required:
(i) Multiple Income Statement. (ii) Owner’s…...

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