Suspense Account
Trail balance of X-Y-Z Company as n [deleted]
Account Head Debit Credit
Cash sales 246,978
Credit Sales 2,749,609
Return cash sales 40,000
Return credit sales 12,500
Discount cash sales 93,600
Discount credit sales 89,002
Cost of sales 1,500,903
Salaries 48,000
General Expenses 29,010
Building 23,000
Furniture 15,000
Bank A/C 69,000
Fixed deposits 1,000,000
Accum.Deprn-Building 6,162
Accum.Deprn-Furniture 4,580
Depren-Bldgs- 9mths up to Dec16 862
Depren-Furn- 9mths up to Dec16 2,250
Capitial 200,000
Geeral Reserve 29,798
Staturory reserve 24,450
Debtors 160,300
Creditors 135,850
Suspense Account 314,000
Total 3,397,427 3,397,427
Adjustments
1) Threre is debit balance of KD 314,000 in suspense account which needs to be analysed
and cleared. Inventory Turnover is 9 times (based on net sales). There is also cash balance
of KD 7168
2)Provide depreciation on Building@5%,Furniture @20% p.a for three months
3)Provide for bad debts @ 2% on total debtors
4)Provide for dividend at 2% on current years profit
Please provide Ratio analysis of Balance sheet and Profit and loss statement