The Trial balance of ABC Company as on 31st December 2022 is given below: Particulars Debit (Rs) Credit (Rs) Equity share capital – 500,000 Building…
2023 · Solved Question with Answer
The Trial balance of ABC Company as on 31st December 2022 is given below:
| Particulars | Debit (Rs) | Credit (Rs) |
|---|---|---|
| Equity share capital | – | 500,000 |
| Building | 400,000 | – |
| Goodwill | 20,000 | – |
| 12% Bank loan | – | 100,000 |
| Revenue from operations/sales | – | 500,000 |
| Purchase | 200,000 | – |
| Salaries expenses | 33,000 | – |
| Cash at bank | 37,000 | – |
| Investment | 150,000 | – |
| Account payable | – | 70,000 |
| Account receivable | 50,000 | – |
| Commission received | – | 30,000 |
| Prepaid insurance | 24,000 | – |
| Office rent | 36,000 | – |
| Equipment | 200,000 | – |
| Promotional expenses | 50,000 | - |
| Total | 1,200,000 | 1,200,000 |
Adjustments:
- Closing stock Rs 30,000
- Depreciation rate of building 5% and equipment 25%
- Salary to be paid Rs 3,000; Prepaid insurance expired Rs 18,000
Required:
a. Profit and loss statement for the year ending 31st December 2022 as per NFRS.
b. Statement of financial position as on 31st December 2022 as per NFRS.
