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.

Solutions

Expert Solution

Requirement a:

Requirement b:

Requirement c:

Requirement d:

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

A) Moriarity Company has budgeted the following unit sales: 1st Quarter 2019 7,000 2nd Quarter 2019...

A) Moriarity Company has budgeted the following unit sales: 1st Quarter 2019 7,000 2nd Quarter 2019 3,000 3rd Quarter 2019 4,000 Beginning finished goods for the first quarter was 1,400 units. The company's policy is to maintain an inventory of finished goods as 20% of the next quarter sales. The production budget for the SECOND quarter is __________. (no dollar signs, decimals or commas) HINT: you must calculate the first quarter in order to calculate the 2nd quarter. B)JTS Corp...

Moriarity Company has budgeted the following unit sales: 1st Quarter 2019 7,000 2nd Quarter 2019 3,000...

Moriarity Company has budgeted the following unit sales: 1st Quarter 2019 7,000 2nd Quarter 2019 3,000 3rd Quarter 2019 4,000 Beginning finished goods for the first quarter was 1,400 units. The company's policy is to maintain an inventory of finished goods as 20% of the next quarter sales. The production budget for the SECOND quarter is __________. (no dollar signs, decimals or commas) HINT: you must calculate the first quarter in order to calculate the 2nd quarter.

QUESTION 1 The pre-adjusted trial balance for Topsy Turvy Traders at 28 February 2019 reflected an...

QUESTION 1 The pre-adjusted trial balance for Topsy Turvy Traders at 28 February 2019 reflected an amount of R72 800 for rent received from a tenant, Gentle Giants CC. Gentle Giants took occupation on 1 February 2018. The March 2019 rental was received from Gentle Giants CC on 25 February 2019. What adjustments, if any, must the accountant make for the financial year ending 28 February 2019? (Ignore VAT). a. Dr Rent received R5 200; Cr Income received in advance...

The following trial balance was extracted from the books of Al Mawaleh Traders, sole trader as...

The following trial balance was extracted from the books of Al Mawaleh Traders, sole trader as at 31 May 2018. Trial balance as at 31 May 2018 Particulars Debit Credit $ $ Capital 51,960 Drawings 4,080 Buildings at cost 53,000 Receivables and Payables 8,600 6,000 Opening Inventory 11,300 Salaries 5,080 Freight In 2,390 Freight Out 2,140 Insurance 2,790 Purchases and sales 97,600 140,385 Returns 980 1,640 Selling Expenses 1,440 Bad debts 541 Discount Received 960 Equipment at cost 8,000 Furniture...

The trial balance of Miyanda Traders, after the calculation of the gross profit, was as follows:...

The trial balance of Miyanda Traders, after the calculation of the gross profit, was as follows: Dr (K) Cr (K) Gross profit 120 000 Sundry expenses 57 000 Non-current assets (cost) 400 000 Non-current assets (provision for depreciation) 82 000 Trade receivables 55 000 Trade payables 85 000 Inventory at 31 December 2019 125 000 Cash 5 000 Bank loan (repayable 31 January 2020) 35 000 Capital 320 000 642 000 642 000 7 Additional information for the year ended...

Galarus company had the following trial balance as of December 31, 2019 Galarus Company Trial Balance...

Galarus company had the following trial balance as of December 31, 2019 Galarus Company Trial Balance December 31, 2019 Accounts Debit Credit 10,600 Accounts receivable 13,200 Supplies 2,400 Prepaid Insurance 1,500 Equipment 38,500 Accumulated depreciation - Equipment 8,300 Accounts payable 2,500 Unearned service revenue 8,900 Common stock 15,000 Retained earnings 10,100 Service revenue 35,000 Salary expense 11,200 Advertising expense 2,400 79,800 79,800 Additional information: Supplies used during the month, $450 Prepaid insurance expired during the month, $300 Depreciation on equipment...

Mercedes, Co. has the following quarterly financial information. 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter...

Mercedes, Co. has the following quarterly financial information. 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Sales Revenue $ 925,800 $ 935,300 $ 933,600 $ 941,400 Cost of Goods Sold 305,700 318,300 317,900 323,100 Operating Expenses 248,900 260,300 258,500 262,600 Interest Expense 4,200 4,200 4,200 4,100 Income Tax Expense 85,500 88,400 88,400 90,900 Average Number of Common Shares Outstanding 799,030 794,064 795,670 809,000 Stock price when Q4 EPS released $ 24 Required: Calculate the gross profit percentage for each quarter....

POST ADJUSTMENTS TRIAL BALANCE OF TUTU TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2017 BALANCE SHEET...

POST ADJUSTMENTS TRIAL BALANCE OF TUTU TRADERS FOR THE YEAR ENDED 28 FEBRUARY 2017 BALANCE SHEET SECTION DEBIT CREDIT CAPITAL 5 000 000 DRAWINGS 484 000 VEHICLES AT COST 777 000 PLANT AND MACHINERY AT COST 436 550 OFFICE FURNITURE AT COST 271 456 ACCUMULATED DEPRECIATION ON VEHICLES 112 000 ACCUMULATED DEPRECIATION ON PLANT 436 550 ACCUMULATED DEPRECIATION ON FURNITURE 261 456 FIXED DEPOSIT 260 000 15% LONG TERM LOAN 200...

Following is the unadjusted trial balance of Ben’s Jewelers on December 31, 2019. BEN’S JEWELERS Trial...

Following is the unadjusted trial balance of Ben’s Jewelers on December 31, 2019. BEN’S JEWELERS Trial Balance December 31, 2019 Cash $ 13,050 Dr. Accounts Receivable 49,900 Dr. Allowance for Doubtful Accounts 2,000 Cr. Merchandise Inventory 105,900 Dr. Store Supplies 4,230 Dr. Office Supplies 2,950 Dr. Store Equipment 113,590 Dr. Accumulated Depreciation—Store Equipment 13,010 Cr. Office Equipment 27,640 Dr. Accumulated Depreciation—Office Equipment 4,930 Cr. Accounts Payable 4,390 Cr. Salaries Payable Social Security Tax Payable Medicare Tax Payable Federal Unemployment Tax...

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account...

The Gorman Group End-of-Period Spreadsheet For the Year Ended October 31, 2019 Adjusted Trial Balance Account Title Dr. Cr. Cash $18,230 Accounts Receivable 39,680 Supplies 6,200 Prepaid Insurance 13,390 Land 141,000 Buildings 507,000 Accumulated Depreciation-Buildings 165,200 Equipment 366,000 Accumulated Depreciation-Equipment 215,100 Accounts Payable 46,930 Salaries Payable 4,650 Unearned Rent 2,110 Nicole Gorman, Capital 601,760 Nicole Gorman, Drawing 35,200 Service Fees 669,290 Rent Revenue 7,070 Salaries Expense 479,820 Depreciation Expense—Equipment 26,000 Rent Expense 21,800 Supplies Expense 15,440 Utilities...

Subjects