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6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: Mr. Sarif Trial Balance For the Quarter ended 31" March, 2015 Account Titles Debit TK Cash Accounts Receivable Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense. Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month 13600 15400 1500 34000 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 Credit TK g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. 8000 16000 9000 500 25000 65900 3000 1,27,400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: For the Quarter ended 31" March, 2015 Account Titles Debit TK Mr. Sarif Trial Balance Cash Accounts Receivable. Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense 13600 15400 1500 34000 Requirements: i) Prepare a complete work sheet. 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. Credit TK 8000 16000 9000 500 25000 65900 3000 1,27,400 ii) Journalize the closing entry on the basis of work sheet.
Transcribed Image Text:6. Mr. Sarif began its operations on January 1, 2015. The trial balance for Sarif at 31" March is as follows: For the Quarter ended 31" March, 2015 Account Titles Debit TK Mr. Sarif Trial Balance Cash Accounts Receivable. Supplies Office Equipment Accumulated Depreciation Notes payable Accounts Payable Interest Payable Sarif's Capital Sarif's Drawings Service Revenue Salaries expense Purchase Transportation expense Unearned Revenue Advertising Expense Showroom Expense Prepaid Insurance Miscellaneous expense 13600 15400 1500 34000 Requirements: i) Prepare a complete work sheet. 10000 4000 26000 2500 2800 800 4800 12000 1,27,400 Adjustments: a) Insurance expires at the rate of TK 500 per month b) Depreciation is TK. 1000 per month c) A physical count reveals that supplies on hand 500 taka. d) Interest accrued on 6-month note payable, at the rate of 10% e) Unearned revenue earned during the year is taka 1900. f) Service Provided but unbilled at Dec 31 total TK 750 g) Salaries expense is for one year period starting from Jan. 1 2010. h) Create a provision for tax 25%. Credit TK 8000 16000 9000 500 25000 65900 3000 1,27,400 ii) Journalize the closing entry on the basis of work sheet.
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