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Accounting Solutions Ltd. (ASL) is a small firm located in Lahore and is working
in the field of accountancy, tax and audit. Mr. S.A. Butt (FCA) - a fellow of
Institute of Chartered Accountant of Pakistan is the owner of this firm. He set up
the firm in 2005 and owing to his untiring efforts and professionalism; the firm is
ranked amongst the top 10 firms in the industry. The revenues of the firm have
been doubled since its incorporation. For the Financial Year 2011, gross revenue
has been recorded at Rs. 229,500 including credit sales as well. The firm is
registered through SECP (Securities & Exchange Commission of Pakistan).
Following is trial balance of ASL for financial year 2010-2011.

Accounting Solutions Ltd. (ASL)
Trial Balance
For the year ended June 30, 2011

 

Rs.

 

Rs.

Opening stock

6,000

Capital

135,000

Purchases

124,995

Bills payable

3,000

Carriage inward

4,020

Sundry creditors

76,890

Wages

10,350

Purchases return

3,000

Sales return

600

Loan

24,000

Carriage outward

1,185

Discount received

450

General expenses

960

Sales

229,500

Printing charges

660

 

 

Interest paid

570

 

 

Cash in hand

45,000

 

 

Cash at bank

54,000

 

 

Sundry debtors

84,000

 

 

Machinery

33,000

 

 

Furniture

9,000

 

 

Building

84,000

 

 

Drawings

9,000

 

 

Closing stock

4,500

 

 

 

471,840

 

471,840

Requirement: From the above given trial balance, you are required to prepare
Profit and Loss Account (‘T’ account form) and balance sheet (report form) for
the year ended 31st December, 2011. (10+08)
Note: 2 marks for formatting and presentation

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please help me out for doing this assignment

ku ap khod solve nai kar sakty....try karen

i hate accounting

o hooo

try karen itni be mushkil nai hai..relax

hi hi,  me too.

can any one tell about apa reference style? how we use in accounting assignment?

here is the solution find my uploaded file

there is a mistake in your solution..
In a solution you wrote net profit 86,985 but in balance sheet you put the value of 83,610 what is that could you please explain this that why would you changed the value??

Sir solution k liye thanks but main accounting achi trah seekhna chahta hoon is k liye kya karna ho ga. video lectures or handouts ko kafi nahe samjhta. kya aap is matter main meri koi help kar sakty hain? agar hum most close links sy aik dusry ko join karin gy to mujhy zyada help mily gi like mobile or skype. my skype id faisal59930 and mobile 03144068358

ao

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can you please the c/f and b/f ? and how did you get the gross and net profit ?

C/f  denotes Carried forward

B/f denotes Brought forward

it is just used as you transfer your closing balance of ledger a ledger to balance sheet or profit & loss account depending on its nature:

Gross Profit = net Sales - Cost of sales 

Net Sales= Gross sales-sales return

Cost of sales = Opening Balance(Stock)+Net Purchases(Purchases-Purchase Returns)+direct expenses(Carriage Inward+Wages)

Net Profit= Gross Profit+Other Income(Discount Received)-Indirect Expenses(Carriage Outward+Interest Paid+Printing Charges+General Expenses)

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