Question

In: Accounting

Following is the Trial Balance of Shaheen Traders for the period of 2nd Quarter of 2019:...

Following is the Trial Balance of Shaheen Traders for the period of 2nd Quarter of 2019: Title of Accounts Debit (Rs.) Credit (Rs.) Cash 22,000 Bank 62,000 Marketable Securities 55,000 Salaries Expense 60,000 Prepaid Insurance 27,000 Accounts Payable 36,000 Capital 120,000 Service Income 180,000 Furniture 70,000 Rent Revenue 64,000 Prepaid Advertisement 15,000 Insurance Expense 9,000 Equipment 80,000 Total 400,000 400,000

Data for Adjustment:

i. Salaries accrued Rs. 12,000

ii. Insurance expired for 2nd Quarter Rs. 9,000

iii. Service Income Accrued Rs. 20,000

iv. Rent Revenue received but not yet earned Rs. 24,000

v. Depreciation on Furniture and Equipment @ 10% of Cost.

vi. Prepaid Advertisement expired Rs. 10,000

Required:

a) Prepare adjusting entries from above data

b) Prepare Worksheet from above data

c) Prepare Income Statement from above data.

d) Prepare Balance Sheet from above data.

Expert Solution

Requirement a:

Requirement b:

Requirement c:

Requirement d:

ekkarill92 answered 2 years ago

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