Accounting

Corporate Finance
October 30, 2020
Distinguish an agent from an independent contractor.
October 30, 2020

The following balances are extracted from the books of John Trading Co on 31stDecember 2015.Date: (50 marks)Opening Stock 5,000Commission received 2,000B/R 22,500Return Outward 2,500Purchases1,95,000Trade Expenses 1,000Wages 14,000Office furniture 5,000Insurance 5,500Cash in hand 2,500Sundry Debtors1,50,000Cash at bank23,750Carriage Inwards 4,000Rent and Taxes 5,500Commission Paid 4,000Carriage Outward 7,250Interest on Capital 3,500Sales2,50,000Stationery 2,250Bills Payable 15,000Return Inwards 6,500Creditors 98,250Capital 89,500The closing stock was valued at Rs.1, 25,000You are required to prepareTrail Balance (15 Marks)Profit and loss account (15 Marks)Balance sheet

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