no. | Particulars | Debit | Credit | |
1 | Rent Expense | Dr. | 12000 | |
Prepaid Rental | Cr. | 12000 | ||
(Being rent expense booked for 12 months) | ||||
2 | Utilities | Dr. | 1000 | |
Creditors | Cr. | 1000 | ||
(Being Utility expense booked) | ||||
3 | Revenue | Dr. | 2000 | |
Advance Income | Cr. | 2000 | ||
(Advance received for income) | ||||
4 | Debtors | Dr. | 4000 | |
Revenue | Cr. | 4000 | ||
(Cleaning income booked) | ||||
5 | Depreciation | Dr. | 2000 | |
Accumalated Depreciation | Cr. | 2000 | ||
(Being Depreciation booked) | ||||
6 | Bad debts | Dr. | 800 | |
Allowance for doubtful debts | Cr. | 800 | ||
(Being bad debt allowance booked) | ||||
7 | supplies on hand | Dr. | 3000 | |
Supplies | Cr. | 3000 | ||
(Being unused supply booked) |
Particulars | Credit | Particulars | Debit |
Capital | 50000 | Building | 40000 |
Bank Loan | 30000 | Debtors | 14000 |
Revenue | 100000 | Cash | 20000 |
Accumalted Dep. | 4000 | Supplies | 18000 |
Creditors | 11000 | Prepaid Rent | 6000 |
Advance income | 2000 | Utilities | 9600 |
Allowance for doubtful debts | 8000 | Salaries | 48000 |
Drawings | 4500 | ||
Rent | 12000 | ||
Depreciation | 2000 | ||
Bad Debt | 8000 | ||
Supplies on Hand | 3000 | ||
Equipment | 19900 | ||
205000 | 205000 |
3. Income Statement
Debit | $ | Credit | $ |
Supplies | 18,000 | Revenue | 1,00,000 |
Utilities | 9,600 | ||
Salaries | 48,000 | ||
Rent | 12,000 | ||
Depreciation | 2,000 | ||
Bad Debt | 8,000 | ||
Net Income | 2,400 | ||
1,00,000 | 1,00,000 |
4. Statement of Equity
Capital 50,000 - Drawings 4500 + Net Income 2400 = $ 47,900
5. Balance Sheet
Liabilities | Amount | Assets | Amount |
Capital | 47,900 | Building | 40000 |
Bank Loan | 30000 | Debtors | 14000 |
Accumalted Dep. | 4000 | Cash | 20000 |
Creditors | 11000 | Prepaid Rent | 6000 |
Advance income | 2000 | Supplies on Hand | 3000 |
Allowance for doubtful debts | 8000 | Equipment | 19900 |
1,02,900 | 1,02,900 |
TUTORIAL 3 Followings are Enterprise as at 31st December 2018. the trial balance for Cleaning A Balance (RM) Accoun...
B1 - The following is the trial balance of Star Company on December 31st, 2019: Star Company Trial Balance December 31st, 2019 Debit Credit $500,000 175,000 200,000 500,000 375,000 Cash Accounts Receivable Supplies Equipment Furniture Accounts Payable Star, Capital Star, Drawings $150,000 1,400,000 50,000 Service Revenue Salaries Expense Advertising Expense Rent Expense Utilities Expense 750,000 250,000 75,000 125,000 50,000 2,300,000 2,300,000 Total Required: Prepare the financial statements of Star Company on December 31st, 2019. [SK1: 5 marks]
The following trial balance is that of Mirza Enterprise as at 31 December 2018, Debit (RM) 22,860 5,100 Credit (RM) 41,000 6,860 4,300 930 570 Details Purchases and Sales Inventory on 1 January 2018 Capital Bank overdraft Cash Discount allowed and received Return inwards and outwards Carriage outwards Office expenses Fixtures and Fittings Delivery van Accounts receivable and accounts payable Rent and insurance Drawings Wages and Salaries Dividend received Commission received 140 1,440 790 2,180 450 1,210 2,000 11,900 1,790...
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,000 Merchandise Inventory 480,000 Store Supplies 144,800 prepaid insurance expense 840,000 Building and equipment 2,000,000 Accumulated Depreciation-Building and Equipment 976,000 Accounts Payable 680,000 Travelling Expense Payable Unearned sales Revenue 450,000 Note Payable-Long Term 213,800 Baltic,Capital 1,700,000 Baltic withdrawal 35,000 Sales revenue earned 2,550,500 Sales discount 45,100 sales returns and allowances 62,500 cost of goods sold 401,000 salaries expense 430,000 telephone expense 85,000 Depreciation...
Exercise 3.18 Please! Thank
you
(v) Sales revenl Prepare a cash flows statement for the year ended 31 December 2016 using the Required indirect method. ST3.18 The trial balance for Salsabil Enterprise for the year ended 31 December 2016 is as follows: Salsabil Enterprise Trial balance as at 31 December 2016 Debit Account Credit (RM) (RM) Cash 4,200 Trade receivables 20,000 Notes receivable 10,000 Inventory 24,000 Prepaid rental 2,400 Equipment Accumulated depreciation-equipment 18,000 4,000 Trade payables 26,400 Capital, Salihin 33,200...
Question 5 After you have prepared the trial balance for Question 4, you notice the following information:- (0) (ii) Telephone bill for December amounting to RM200 has been received but not recorded. One day of casual wages amounting to RM125 remains unpaid and unrecorded at December 31; the amount will be included with the first Friday payment in January 2020. Included in rental expenses is rental paid for January 2020 amounting to RM2,000. Half of the commission revenue has been...
The following information is provided for Pepper's Eatery at December 31, 2018. Adjusted Trial Balance Balance $32,500 40,000 7,000 7,680 Accounts payable Accounts receivable Cash Common stock (par $1) Inventory Land Long-term notes payable Prepaid expenses Plant & Equipment Retained earnings Supplies Short-term notes payable 40,000 2,000 3,340 17.200 16,200 1,500 54,700 2,800 Short-term investments Utilities payable 1,260 Pepper's entered into the following transactions during January 2019: 1. Received $40,000 from customers for services provided in December 2018. 2. Paid...
(The following information applies to the questions displayed below.) The December 31, 2018, unadjusted trial balance for Demon Deacons C n is presented below. Debit Credit Cash S 9,800 14,800 6,960 3,800 Prepaid Rent Supplies Deferred Revenue Common Stock Retained Earnings Service Revenue Salarles Expense $ 2,800 12,000 5,800 48,760 34,000 $69,360 $69,360 At year-end, the following additional information is available: a. The balance of Prepaid Rent, $6,960, represents payment on October 31, 2018, for rent from November 1, 2018,...
Assume the following information for company SDA on 31st December 2018, before the preparation of the adjusted trial-balance: Machinery (€) 38,000 Wages payable 1,300 Accumulated depreciation: machinery 6,000 Bank deposits 12,000 Unearned revenue 2,100 Prepaid insurance 3,600 Accounts receivable 6,500 Advances from customers 1,800 Revenue 13,000 Inventory 3,000 Long-term loans 16,000 Accounts payable 4,500 Retained earnings 13,000 Rent expense 9,600 Share Capital 15,000 Required Prepare adjusting entries by taking into consideration the following information: a. The accrued interest on long-term...
The following information is provided for Pepper's Eatery at December 31, 2018. Adjusted Trial Balance Accounts payable Accounts receivable Cash Common stock (par S1) Inventory Land Long-term notes payable Prepaid expenses Plant& Equipment Retained earnings Supplies Short-term notes payable Short-term investments Utilities payable $32,500 40,000 7,000 7,680 2,500 40,000 2,000 3,340 17,200 16,200 1,500 54,700 2,800 1,260 Pepper's entered into the following transactions during January 2019 1. Received $40,000 from customers for services provided in December 2018. 2. Paid $8.450...
The following information is provided for Pepper's Eatery at December 31, 2018. Adjusted Trial Balance Accounts payable Accounts receivable Cash Common stock (par S1) Inventory Land Long-term notes payable Prepaid expenses Plant & Equipment Retained earnings Supplies Short-term notes payable Short-term investments Utilities payable S32,500 40,000 7,000 7,680 2,500 40,000 2,000 3,340 17,200 16,200 1,500 54,700 2,800 1,260 Pepper's entered into the following transactions during January 2019: 1. Received $40,000 from customers for services provided in December 2018. 2. Paid...