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Economic resources owned by a business and expected

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Economic resources owned by a business and expected to benefit for the futureoperations are called:ExpensesAssetsCapitalLiabilities
Assets total Rs.50, 000 and Liabilities total Rs.10, 000. What is the equity of thebusiness?
FOR MORE PAPERS, GO TOVUINSIDER.COMMGT101Final TermPage9of17For more papers, go toVUInsider.comRs. 40, 000Rs. 60, 000Rs.10,000Rs. 50,000An expense incurred by the business for the purchase of land & building is anexample of:Capital ExpenseRevenue ExpenseDeferred ExpensePreliminary ExpenseQuestions:1.What is the difference between public and private company?2.The following Trial Balance was extracted from the books of Naeem & Sonson 31stDecember, 2007. From this you are required to prepare an IncomeStatement for the year ended on 31stDecember, 2007,ParticularsDebitCreditRs.Rs.Cash5,000Accounts Receivable9,000
FOR MORE PAPERS, GO TOVUINSIDER.COMMGT101Final TermPage10of17For more papers, go toVUInsider.comMerchandise Inventory on 1.1.20076,000Plant and Machinery24,000Land and Building82,000Furniture and Fixtures2,600Capital136,000Accounts Payable3800Purchases60,000Purchases returns and allowances2,800Sales70,000Sales returns and allowances4,600Insurance Prepaid3,400Advertisement expenses4,000Salaries expenses12,000Total212,600212,600ADDITIONAL INFORMATION:Prepaid insurance on 31stDecember, 2007 is Rs. 1,400Outstanding salaries Rs. 1,000Depreciation on Plant and Machinery @ 10% p.a.
FOR MORE PAPERS, GO TOVUINSIDER.COMMGT101Final TermPage11of17For more papers, go toVUInsider.comMerchandise inventory on 31stDecember, 2007 was valued atRs.6,0003.Prepare Profit and Loss Account for the year ending 31stDecember 2007from the Trial Balance and adjustments of MS Company given below:

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Term
Fall
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles, Plant and Machinery

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