Question

Q1. From the following information in Trial balance of the Mohammed LLC as on 31 December 2019, you are required to prepare: a. Profit and Loss Account b. Balance Sheet

Answer 1

Mohammad LLC

Balance Sheet For the Year ended as on December 31, 2019 (Amount in dhs) 35,000 1,90,000 40,000 2,65,000 2,00,000 25,000 35,000 Assets Current Assets Cash in Hand Closing Stock Debtors Total Current Assets Plant and Equipment Land and Building Furniture Machinery Total Plant and Equipment Total Assets Liabilities and Owner's Equity Current Liabilities Creditors Total Current Liabilities Long-term liabilities Bank Loan Total Long-term liabilities Owner's Equity Capital Net Income less drawing Total Liabilities and Owner's Equity 2,60,000 5,25,000 1,05,000 1,05,000 65,000 65,000 2,40,000 1,15,000 3,55,000 5,25,000 Working Notes Net Income less drawing =(135000-20000) 1,15,000

Mohammad LLC

Profit & Loss A/C For the period ended as on December 31, 2019 (Amount in dhs) Amount Amount 2,90,000 Particulars Income Net Sales Other Income Commission Received Total Income 40,000 3,30,000 55,000 Expenditure Cost of Goods Sold Operating and Other Expenses Salaries Rent 40,000 35,000 50,000 15,000 Wages General Expenses Total Expenditure Net Income 1,40,000 1,95,000 1,35,000 Working Notes Net Sales = (Sales- Sales Return) Net Purchase= (Purchase - Purchase Returns) Cost of Goods Sold = (Opening Stock+ Net Purchases - Closing Stock) 2,90,000 1,65,000 =325000-35000 = 180000-15000 =(80000+165000- 190000) 55,000