Question
In: Accounting
The following beginning balances are given for ATB Company at 01.01.2020. Account Name Amount (TL) Cash...
The following beginning balances are given for ATB Company at 01.01.2020.
|
Account Name |
Amount (TL) |
|
Cash |
83.600 |
|
Banks |
19.000 |
|
Checks |
43.000 |
|
Accounts Receivable |
56.000 |
|
Notes Receivable |
67.400 |
|
Allowance for Uncollectible Accounts |
16.000 |
|
Inventory |
750.000 |
|
Prepaid Expenses - Rent |
50.400 |
|
Accounts Payable |
135.000 |
|
Notes Payable |
152.600 |
|
Dividends |
26.000 |
|
Tax payable |
71.800 |
|
Bank Loan |
228.000 |
|
Bonds Issued |
230.000 |
|
Buildings |
675.000 |
|
Furniture and fixture |
250.000 |
|
Accumulated Depreciation - Buildings |
30.000 |
|
Capital Stock |
537.000 |
|
Unearned Revenue |
110.000 |
|
Retained Earnings |
510.000 |
Required:
- Prepare the initial trial balance at 001.2020.
Propose a value for the accounts with a missing balance (marked with red) and/or add more accounts in order to make sure that the main accounting equation and the rule of totals for trial balance are applied.
- Propose and journalize 10 business transactions for the company for the period 01.01.2020-31.01.2020. Indicate the transactions as a text/description and then record them into the journal and T-accounts.
- Prepare the unadjusted trial balance at 31.01.2020.
- Propose and journalize 10 adjusting entries for the company appropriate at 31.01.2020. Indicate the transactions as a text/description and then record them into the journal and T-accounts.
- Prepare the adjusted trial balance at 31.01.2020.
- Journalize the closing entries and make the necessary updates in the T-accounts.
- Prepare the post-closing trial balance.
- Prepare the statement of financial position at 31.01.2020. Use IFRS terminology and mandatory line items.
- Prepare the income statement for the period 01.01.2020 - 31.01.2020. Use IFRS terminology and mandatory line items.
- Prepare the cash-flow statement for the period 01.01.2020 - 31.01.2020, according to direct method.
- Prepare the cash-flow statement for the period 01.01.2020 - 31.01.2020, according to indirect method.
WHAT İS İFRS ? İT REALLY HELPS ME A A LOT THANKS FOR YOUR CONCERN.
Solutions
Expert Solution
1) The initial trial balance at 001.2020.
In the Books of ABD
Trial Balance
For the month of Jan 2020
| Debit Side | Credit Side | ||||
| Sr no | Particular | Amt | Sr no | Particular | Amt |
| 1 | Cash | 83,600.00 | 1 | Accounts Payble | 1,35,000.00 |
| 2 | Banks | 19,000.00 | 2 | Notes Payble | 1,52,600.00 |
| 3 | Accounts Receivables | 56,000.00 | 3 | Dividends | 26,000.00 |
| 4 | Cheques | 43,000.00 | 4 | Tax Payble | 71,800.00 |
| 5 | Inventory | 7,50,000.00 | 5 | Bank loan | 2,28,000.00 |
| 6 | Prepaid Expensess-Rent | 50,400.00 | 6 | Bonds Issued | 2,30,000.00 |
| 7 | Buillding | 6,75,000.00 | 7 | Accumalated Depreciation-Buillding | 30,000.00 |
| 8 | Furniture & Fixture | 2,50,000.00 | 8 | Unearned revenues | 1,10,000.00 |
| 9 | Allowances for uncontrollable accounts | 16,000.00 | 9 | Retained Earnings | 5,10,000.00 |
| 10 | Missing Balance | 87,400.00 | 10 | Captial Stock | 5,37,000.00 |
| Grand Total | 20,30,400.00 | 20,30,400.00 |
Note:- The missing balance marked with ...... which we have mentioned in the Red colour.
3)Unadjusted Trial Balance for the month of Jan 2020
In the Books of ABD
Trial Balance
For the month of Jan 2020
| Debit Side | Credit Side | ||||
| Sr no | Particular | Amt | Sr no | Particular | Amt |
| 1 | Cash | 83,600.00 | 1 | Accounts Payble | 1,35,000.00 |
| 2 | Banks | 19,000.00 | 2 | Notes Payble | 1,52,600.00 |
| 3 | Accounts Receivables | 56,000.00 | 3 | Dividends | 26,000.00 |
| 4 | Cheques | 43,000.00 | 4 | Tax Payble | 71,800.00 |
| 5 | Inventory | 7,50,000.00 | 5 | Bank loan | 2,28,000.00 |
| 6 | Prepaid Expensess-Rent | 50,400.00 | 6 | Bonds Issued | 2,30,000.00 |
| 7 | Buillding | 6,75,000.00 | 7 | Accumalated Depreciation-Buillding | 30,000.00 |
| 8 | Furniture & Fixture | 2,50,000.00 | 8 | Unearned revenues | 1,10,000.00 |
| 9 | Allowances for uncontrollable accounts | 16,000.00 | 9 | Retained Earnings | 5,10,000.00 |
| 10 | Captial Stock | 5,37,000.00 | |||
| Grand Total | 19,43,000.00 | 20,30,400.00 |
5) The adjusted trial balance at 31.01.2020.
In the Books of ABD
Trial Balance
AS ON 31.01.2020
|
Debit Side |
Credit Side |
||||
|
Sr no |
Particular |
Amt |
Sr no |
Particular |
Amt |
|
1 |
CASH |
83.600 |
1 |
ALLOWANCE FOR BAD DEBT |
16.000 |
|
2 |
BANKS |
19.000 |
2 |
ACCOUNTS PAYABLE |
135.000 |
|
3 |
CHECKS |
43.000 |
3 |
NOTES PAYABLE |
152.600 |
|
4 |
ACCOUNTS RECEIVABLES |
56.000 |
4 |
TAX PAYABLE |
71.800 |
|
5 |
NOTES RECEIVABLES |
67.400 |
5 |
BANK LOAN |
228.000 |
|
6 |
INVENTORY |
750.000 |
6 |
BONDS ISSUED |
230.000 |
|
7 |
PREPAID EXPENSES-RENT |
50.400 |
7 |
ACCUMULATED DEP.-BUILDING |
30.000 |
|
8 |
INVENTORY |
750.000 |
8 |
CAPITAL STOCK |
537.000 |
|
9 |
BUILDINGS |
675.000 |
9 |
UNEARNED REVENUE |
110.000 |
|
10 |
FURNITURE & FIXTURE |
250.000 |
10 |
RETAINED EARNINGS |
510.000 |
|
Grand Total |
20,20,400 |
20,20,400 |
8) The statement of financial position at 31.01.2020.
|
ATP COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31.01.2020 |
||
| Particulars | Notes | |
| Amount (TL) | ||
| NON CURRENT ASSETS | ||
| Property, plant and equipment and Investment Property | 1 | 895,000 |
| Goodwill | ||
| Advances for Capital Assets | ||
| Intangible assets | ||
| Investments | ||
| Investments in associates | ||
| Available for sale investments | ||
| Receivables and other non-current Assets | ||
| Deferred tax assets | ||
| TOTAL NON CURRENT ASSETS | 895,000 | |
| CURRENT ASSETS | ||
| Inventories | 750,000 | |
| Trade receivables | 2 | 123,400 |
| Other current assets | 50,400 | |
| Income tax assets | ||
| Investments and financial receivables | ||
| Cash and cash equivalents | 3 | 145,600 |
| TOTAL CURRENT ASSETS | 1,069,400 | |
| TOTAL ASSETS | 1,964,400 | |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 537,000 | |
| Reserves | ||
| Retained earnings | 4 | 484,000 |
| TOTAL SHAREHOLDERS’ EQUITY | 1,021,000 | |
| NON CURRENT LIABILITIES | ||
| Interest-bearing loans and short term borrowings | 5 | 458,000 |
| Employee benefits liabilities | ||
| Provisions | 16,000 | |
| Deferred tax liabilities | ||
| TOTAL NON CURRENT LIABILITIES | 474,000 | |
| CURRENT LIABILITIES | ||
| Banks overdrafts and short-term borrowings | ||
| Interest-bearing loans and short term borrowings | ||
| Trade payables | 6 | 287,600 |
| Provisions | ||
| Income tax liabilities | 71,800 | |
| Other liabilities | 7 | 110,000 |
| TOTAL CURRENT LIABILITIES | 469,400 | |
| TOTAL LIABILITIES | 943,400 | |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 1,964,400 |
| Notes to Accounts - | |
| Note 1 - Property, plant and equipment and Investment Property | |
| Particulars | Amount |
| Buildings | 675,000 |
| Less : Accumulated Depreciation | 30,000 |
| Furniture and Fixtures | 250,000 |
| 895,000 | |
| Note 2 - Trade Receivables | |
| Particulars | Amount |
| Account Receivable | 56,000 |
| Notes Receivable | 67,400 |
| 123,400 | |
| Note 3 - Cash and cash equivalents | |
| Particulars | Amount |
| Cash | 83,600 |
| Bank | 19,000 |
| Cheques | 43,000 |
| 145,600 | |
| Note 4 - Retained Earnings | |
| Particulars | Amount |
| Opening Balance | 510,000 |
| Less : Dividend | 26,000 |
| 484,000 | |
| Note 5 - Interest-bearing loans and short term borrowings | |
| Particulars | Amount |
| Bank Loan | 228,000 |
| Bonds Issued | 230,000 |
| 458,000 | |
| Note 6 - Trade payables | |
| Particulars | Amount |
| Accounts Payable | 135,000 |
| Notes Payable | 152,600 |
| 287,600 | |
| Note 7 - Other Liabilities | |
| Particulars | Amount |
| Unearned Revenue | 110,000 |
ekkarill92 answered 1 year agoRelated Solutions
The following beginning balances are given for ATB Company at 01.01.2020. Account Name Amount (TL) Cash...
The following beginning balances are given for ATB Company at
01.01.2020.
Account Name
Amount (TL)
Cash
83.600
Banks
19.000
Checks
43.000
Accounts Receivable
56.000
Notes Receivable
67.400
Allowance for Uncollectible Accounts
16.000
Inventory
750.000
Prepaid Expenses - Rent
50.400
Accounts Payable
135.000
Notes Payable
152.600
Dividends
26.000
Tax payable
71.800
Bank Loan
228.000
Bonds Issued
230.000
Buildings
675.000
Furniture and fixture
250.000
Accumulated Depreciation - Buildings
30.000
Capital Stock
537.000
Unearned Revenue
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Retained Earnings
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Propose and journalize 10...
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Website design
1,500
Supplies expense
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Supplies
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Payment of dividends
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Service revenue
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Cash received from debt
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Dividends
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Retained earnings (beginning of year)
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Bank loan payable, due in 2025
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Website expense
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Advertising expense
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Owner's capital
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Accounts Payable
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Revenues
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Unearned Revenues
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Salaries Expense
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Dividends
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Utilities Expense
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Advertising Expense
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Prepaid Expenses
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Short-term Investments
$20,000
Cash
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Land
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Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash...
Chart of Accounts and Opening Balances 1st
November
Account Number
Account Name
Debit
Credit
110
Cash at Bank
18,835
120
Accounts receivable
16,140
121
Allowance for Doubtful Debts
646
130
Prepaid Insurance
140
Prepaid Rent
3000
150
Office Supplies
950
160
Inventory
19,000
180
Delivery Van
181
Accumulated Depreciation – Delivery Van
200
Accounts Payable
16,995
220
Wages Payable
377
230
GST Clearing
1,045
250
Superannuation Payable
756
300
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38,106
310
Drawings
350
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412...
Chart of Accounts and Opening Balances 1st November Account Number Account Name Debit Credit 110 Cash...
Chart of Accounts and Opening Balances 1st
November
Account Number
Account Name
Debit
Credit
110
Cash at Bank
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120
Accounts receivable
16,140
121
Allowance for Doubtful Debts
646
130
Prepaid Insurance
140
Prepaid Rent
3000
150
Office Supplies
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160
Inventory
19,000
180
Delivery Van
181
Accumulated Depreciation – Delivery Van
200
Accounts Payable
16,995
220
Wages Payable
377
230
GST Clearing
1,045
250
Superannuation Payable
756
300
Capital
38,106
310
Drawings
350
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410
Sales Revenue
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Northern Pine Company had the following account balances on December 31, 2017: Accounts Balances Cash $3,000...
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The following are the general journal information of Maxwell
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Maxwell Company
General Journal,
2019
Event
Account Titles
Debit
Credit
1.
Cash
30,000
Bank
Loan
30,000
2.
Office Equipment
15,000
Cash
15,000
3
Account Receivable
35,000
Service
Revenue
35,000
4.
Cash
15,000
Account
Receivable
15,000
5.
Dividends
5,000
Cash
5,000
6.
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