The following is the Trial Balance of Aquib Enterprise as on 31 December 2021: Trial Balance Accounts Title Purchases and returns Freight in Sales and Sales returns Opening inventory Wages Administrative Expenses Insurance Selling and distribution expense Capital Drawings Premises Equipment Accounts receivable Accounts payable Cash Allowances for bad debts Debit Taka 95000 4000 5,000 10,000 20,000 25,000 3,000 10,000 10,000 1,20,000 20,000 19,000 7,000 348,000 Required: (a) A multiple step income statement. (b) Owner's Equity statement. Credit Taka 2500 120,000 150,000 14,000 1.500 348,000 Additional information: (ii) (iii) (1) Tk. 2,000 of wages relates to the next year. Administrative expenses outstanding Tk. 1500. Depreciation on Equipment Tk. 4,000. Ending inventory is Tk. 9,000. Insurance unexpired Tk. 1000. (iv) (v) (vii) Raise allowance for bad debts to 2% of net sales. The owner withdrew goods worth Tk. 5,500 for personal use but not yet recorded.
The following is the Trial Balance of Aquib Enterprise as on 31 December 2021: Trial Balance Accounts Title Purchases and returns Freight in Sales and Sales returns Opening inventory Wages Administrative Expenses Insurance Selling and distribution expense Capital Drawings Premises Equipment Accounts receivable Accounts payable Cash Allowances for bad debts Debit Taka 95000 4000 5,000 10,000 20,000 25,000 3,000 10,000 10,000 1,20,000 20,000 19,000 7,000 348,000 Required: (a) A multiple step income statement. (b) Owner's Equity statement. Credit Taka 2500 120,000 150,000 14,000 1.500 348,000 Additional information: (ii) (iii) (1) Tk. 2,000 of wages relates to the next year. Administrative expenses outstanding Tk. 1500. Depreciation on Equipment Tk. 4,000. Ending inventory is Tk. 9,000. Insurance unexpired Tk. 1000. (iv) (v) (vii) Raise allowance for bad debts to 2% of net sales. The owner withdrew goods worth Tk. 5,500 for personal use but not yet recorded.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION
Transcribed Image Text:The following is the Trial Balance of Aquib Enterprise as on 31
December 2021:
Trial Balance
Accounts Title
Purchases and returns
Freight in
Sales and Sales returns
Opening inventory
Wages
Administrative Expenses
Insurance
Selling and distribution expense
Capital
Drawings
Premises
Equipment
Accounts receivable
Accounts payable
Cash
Allowances for bad debts
Debit
Taka
95000
4000
5,000
10,000
20,000
25,000
3,000
10,000
10,000
1,20,000
20,000
19,000
7,000
348,000
Required:
(a) A multiple step income statement.
(b) Owner's Equity statement.
Credit
Taka
2500
120,000
150,000
14,000
1.500
348,000
Additional information:
(ii)
(iii)
(1) Tk. 2,000 of wages relates to the next year.
Administrative expenses outstanding Tk. 1500.
Depreciation on Equipment Tk. 4,000.
Ending inventory is Tk. 9,000.
Insurance unexpired Tk. 1000.
(iv)
(v)
(vii)
Raise allowance for bad debts to 2% of net sales.
The owner withdrew goods worth Tk. 5,500 for personal
use but not yet recorded.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education