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  • Quiz 1 Accounting

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    Nayab Shamsi
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    Mr. Majid's ledger shows expenses of $693,017 for the year including purchases of $135,680 and salaries of $38,521. Revenues included sales of $500,000 and closing inventory was $17,750. The balance sheet on April 30, 20X7 shows assets including inventory, accounts receivable, and fixtures and fittings, along with liabilities such as accounts payable and accrued salaries.

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    Quiz 1 accounting

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    Mr. Majid's ledger shows expenses of $693,017 for the year including purchases of $135,680 and salaries of $38,521. Revenues included sales of $500,000 and closing inventory was $17,750. The balance sheet on April 30, 20X7 shows assets including inventory, accounts receivable, and fixtures and fittings, along with liabilities such as accounts payable and accrued salaries.

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    6 views2 pages

    Quiz 1 Accounting

    Uploaded by

    Nayab Shamsi
    Mr. Majid's ledger shows expenses of $693,017 for the year including purchases of $135,680 and salaries of $38,521. Revenues included sales of $500,000 and closing inventory was $17,750. The balance sheet on April 30, 20X7 shows assets including inventory, accounts receivable, and fixtures and fittings, along with liabilities such as accounts payable and accrued salaries.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    Q No.1 Mr. Majid has been trading for some years as a merchant.

    The following list of


    balances has been extracted from his ledger as at 30 April 20X7, the end of his most recent
    financial year.
    Debit
    Capital
    Sales
    A/c Payable
    Purchases Return
    Sales Discount 2,306
    Purchases Discount
    Purchases 135,680
    Sales Return 5,624
    Drawings 18,440
    Freight In 11,830
    Rent 25,973
    Utilities 11,010
    Postage expenses 2,410
    Advertising 5,980
    Salaries and wages 38,521
    Bad debts 2,008
    Cash in hand 534
    Office Equipment 259,733
    Inventory Opening 15,654
    A/C Receivable 24,500
    Fixtures and fittings – at cost 120,740
    Provision for depreciation on fixtures and fittings – as at 30 April 20X
    Depreciation 12,074
    693,017
    The following additional information as at 30 April 20X7 is available:
    (a) Inventory at the close of business was valued at $17,750.
    (b) Accrued salaries are 10,100
    © Outstanding utilities are 550

    Required:
    Prepare Mr Majid's Income Statement for the year ended 30 April 20X7 and a balance sheet on the date.
    Credit
    95,000
    500,000
    19,840
    13,407

    1,750

    63,020

    693,017

    ce sheet on the date.

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