You will use simple entries to make all answers clears. and itshould not be over

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You will use simple entries to make all answers clears. and itshould not be over.,.. The Balance Sheets of the Rohr Company at the end of 2006 and 2007 are as follow: Land was acquired for Rs. 35,000 in exchange for capital stock, par Rs. 35,000, during the year; equipment of Rs. 15,000 was acquired for cash. Cash dividends of Rs. 10,000 were charged to retained earnings during the year; the transfer of net income (Rs. 27,500) to retained earnings was the only other entry in this account. The following Trial Balance was extracted from the books of Naeem & Sons on 31st December, 2007. You are required to prepare an Income Statement / Profit and Loss Account for the year ended on 31st December, 2007 and a Balance Sheet as at that date: ADDIONAL INFORMATION: Prepaid insurance on 31st December, 2007 is Rs. 1,400 Outstanding salaries Rs. 1,000 Depreciation on Plant and Machinery @ 10% p.a. Merchandise inventory on 31st December, 2007 was valued at Rs. 6,000

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