Tuesday, July 7, 2009

MGT101 6th julu updated

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prepare income statement. total marks 10
debit credit
cash= 5000
accounts receivable= 9000
marchandise inventory= 6000
plant n machinary= 24000
land n building= 82000
furnituren fixtures= 2600
capital= 136000
accounts payable= 3800
purchases= 60000
purchases returns n allowance= 2800
sales= 70000
sales return n allowance=4600
insurance= 3400
advertisment exp= 4000
salaries exp= 12000
total= 212600 212600
additional info:
1.prepaid insurance on 31st dec 2007 is 1400.
outstanding salaries 1000.
depreciation on plant n machinary@ 10% p.a.
marchandise inventoryon 31st dec 2007 was valued at 6000.

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