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Sales for ABC Company were Rs.150,000 for 2003.The beginning inventory was 30% of the cost of goods sold.The ending inventory was 50% of the beginning invetory.Selling expenses were 10% of sales and absorbed 30% sales.Income taxes were 30% of net income before taxes.
Prepare a trading account, profit and loss Account and Balance sheet form the following trail balance and other adjustments as on 31.12.2009 Adjustments: 1. Closing stock R 7060 2. Allow interest on capital at 6% p.a 3. Insurance prepaid Rs 60 4. Depreciate Building and furniture at 10% p.a. 5. Wages due Rs 40 6. Provide 10% RBD and 5% on debtors and creditors 4. From
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