Prepare and extract of both p & l account

Reference no: EM132985766

Question: The balances from the Trial balance of Gibs ltd show that the company had sundry Debtors amounting to Ksh.300,000 as at 31 Dec 2020. Bad debts are provided at 10% and provision for doubtful debts at 10%. Ksh, 5000 (bad debt)previously written off was recovered in year 2020.

Required
Prepare and extract of both P&L account and Balance sheet as at 31 Dec 2020

Reference no: EM132985766

Questions Cloud

Discuss the importance of maintaining independence : Discuss the importance of maintaining independence. Independence has always been a fundamental aspect of the accountancy profession.

State the audit evidence that you should expect to find : Comment on the matters that you should consider and State the audit evidence that you should expect to find

What would normally give in duties as a public accountant : What would normally give in duties as a public accountant. Polo Babywear Ltd was formed on 30 August 2013 and its first financial year ended on 30 June 2015.

How did the key principles of due care develop : How did the key principles of 'due care' develop through the Kingston Cotton Mill Co. case, the London and General Bank case and the Pacific Acceptance case?

Prepare and extract of both p & l account : Prepare and extract of both P & L account and Balance sheet as at 31 Dec 2020

Determine the effective annual rate : Determine effective annual rate, or EAR (annual percentage yield) is? You are considering an investment that has a nominal annual interest rate of 6.30 percent.

What will be your rate of return if the price : What will be your rate of return if the price of A stock goes up by 10% during the next one year ? Assume that A pays $2 per share dividends during this period

How much money in account at the end of that time period : Account earning 6.96 percent per year, compounded semi-annually for the next 12 years. How much money will be in the account at the end of that time period?

Compute how much money have accumulated for retirement : Compute How much money have you accumulated for your retirement? You have accumulated some money for your retirement.

User Account

All Pages