Question

Dear tutor, please answer all the questions below.

Given below are the account balances for Perniagaan Salam, and the necessary adjustments at year end. All accounts carry normal balances. Perniagaan Salam, Account Balances Year ended 31st December, 2019 Accounts Cash Accounts Receivables Supplies Prepaid Rent Furniture Accumulated Depreciation-Fumiture Land Accounts Payable Salary Payable Unearned Sales Revenue Capital Withdrawals Service Revenues Salary Expense Rent Expense Utilities Expense Maintenance Expense Supplies Expense Depreciation Expense-Furniture RM 98,000 22,000 39,000 7,000 41,000 8,000 120,000 22,000 0 15,000 190,000 10,000 160,000 32,000 0 15,000 8,000 3,000 0

Answer 1

Closing Journal Entries
Date	Particulars	Folio	Debit($)	Credit($)
31/12/2019	Rent Expense a/c Dr           To Prepaid Rent a/c Cr (Being Depreciation charged to Furniture a/c)		RM.5000	RM.5000
31/12/2019	Profit & Loss A/c Dr           To Rent Expense a/c Cr (Being Prepaid Rent transferred to Profit & Loss a/c)		RM.5000	RM.5000
31/12/2019	Depreciation a/c Dr           To Accumulated Depreciation a/c Cr (Being Depreciation charged to Furniture a/c)		RM.4000	RM.4000
31/12/2019	Profit & Loss A/c Dr           To Depreciation a/c Cr (Being Depreciation transferred to Profit & Loss a/c)		RM.4000	RM.4000
31/12/2019	Cash a/c Dr           To Unearned Sales Revenue a/c Cr (Being cashrealised from unearned sales revenue a/c)		RM.8000	RM.8000
31/12/2019	Unearned sales Sales Revenue a/c Dr           To Profit & Loss a/c Cr (Being revenue transferred to Profit & Loss a/c)		RM.8000	RM.8000
31/12/2019	Salaries a/c Dr           To Salaries Payable a/c Cr (Being Salaries not paid transferred to Salaries Payable a/c)		RM.4000	RM.4000
31/12/2019	Supplies utilised a/c Dr           To Supplies a/c Cr (Being Supplies utilised from Supplies a/c)		RM.9000	RM.9000
31/12/2019	Profit & Loss A/c Dr           To Supplies utilised a/c Cr (Being Supplies Utilised transferred to Profit & Loss a/c)		RM.9000	RM.9000

Particulars	UnAdjusted Trial Balance	Adjustments	Adjusted Trial Balance	Income Statement	Balance Sheet
	Debit(RM)	Credit(RM)	Debit(RM)	Credit(RM)	Debit(RM)	Credit(RM)	Debit(RM)	Credit(RM)	Debit(RM)	Credit(RM)
Cash	98000		8000		106000				106000
Accounts Receivable	22000				22000				22000
Supplies	39000			9000	30000				30000
Prepaid Rent	7000			5000	2000				2000
Furniture	41000				41000				41000
Accumulated Depreciation on Furniture		8000		4000		12000				12000
Land	120000				120000				120000
Accounts Payable		22000				22000				22000
Salaries Payable		0		4000		4000				4000
Unearned Sales revenue	15000			8000	7000				7000
Capital		190000				190000				190000
Withdrawls	10000				10000				10000
Service Revenue		160000				160000		160000
Salary expense	32000		4000		36000		36000
Rent Expense	0		5000		5000		5000
Utilies Expense	15000				15000		15000
Maintainence Expense	8000				8000		8000
Supplies Expense	3000		9000		12000		12000
Depreciation Expense-Furniture	0		4000		4000		4000
Total	410000	380000	30000	30000	418000	388000	80000	160000	338000	228000
Profit(338000-160000)								80000		80000
									338000	308000

Adjustments to Accounts balances at the end of period is necessary for arriving at correct Account Balances considering necessary adjustments for arriving profit & losses for the period & correct account balances while preparing Balance sheet.

Note:The statements are prepared based on given Information.Total balances in Trial Balance & Balance sheet could not be tallied due to some missing information.other than that missing information every balances & adjustments are reflected inthe calculations provided.