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In: Accounting

The following shows the unadjusted Trial Balance of Ramsha Logistics Pvt Ltd for the year ended...

The following shows the unadjusted Trial Balance of Ramsha Logistics Pvt Ltd for the year ended 2020:

Ramsha Logistics Pvt Ltd

Unadjusted Trial Balance for the year August 31, 2020

Debit Credit
Service Revenue 820,000
Salaries Expenses 460,000
Delivery Expenses 230,000
Utilities Expenses 50,000
Bank 52,000
Account Receivables 79,000
Office Supplies on hand 12,000
Prepaid Insurance 36,000
Furniture 80,000
Accumulated Depreciation-Delivery van 16,000
Account payable 56,000
Unearned revenue 12,000
Ramsha, Capital 100,000
Ramsha, Withdrawal 5,000
Total 1,004,000 1,004,000

Additional information:

  1. Depreciation recorded on the Furniture using the straight-line method.Assume a useful life of five years with no salvage value

  2. Prepaid insurance until the month of August has expired.Insurance was paid in advance of RM36,000 for 1 year on January 1,2020

  3. Accrued salaries, expenses, RM10,000

  4. Service revenue worth of Rm5,000 is yet to be earned.

  5. Office supplies on hand,RM6,000

Required

(a)Prepaid on Adjusted Trial Balance for Ramsha Logistics Pvt Ltd for the year ended 31 August,2020

(b)Prepare Ramsha Logistics Pvt Ltd statement of Comprehensive income (income statement) of owner’s equity for the year ended August 31,2020

(c)Prepare Ramsha Logistics Pvt Ltd Statement of Financial Position (Balance sheet) as at August 31,2020

Solutions

Expert Solution

Note:

1. Assuming that the year end closure is on 31st August 2020

2. Accummulated depreciation - delivery van assumed to be accummulated depreciation on furniture as there is no delivery van asset

Depreciation on furniture p.a. = (Cost - salvage value)/useful life

= (80,000 - 0)/5

= 16,000 p.a.

Insurance expense per month = 36,000/12 = 3,000

Insurance expense from 1st Jan until 31st Aug for 8 months = 3000 * 8 = 24,000

Service revenue unearned in unadjusted trial balance = 12000

Actual service revenue unearned = 5000

To be adjusted to service revenue account = 12000 - 5000 = 7000

Office supplies in unadjusted trial balance = 12000

Actual office suppies in hand = 6000

Office supplies expense = 12000 - 6000 = 6000

ekkarill92 answered 1 year ago
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