ASAP!! Pass journal entries for Frankwood Company Ltd                 The account balances of the Yamina & Company for the year ended December 31, 2021 is as under Sr. No Title of Accounts Amount 1 Cash 1,200 2 Office Supplies 800 3 Prepaid Advertising 6,000 4 Rent Expenses 3,000 5 Furniture 10,000 6 Salaries expenses 5,000 7 Allowance for depreciation 2,000 8 Yamina ‘s Capital  7,000 9 Commission Income 14,000   Additional Information Office supplies on hand Rs. 500 Advertising cost unexpired Rs. 2,000 Current year depreciation on furniture 20% on cost Prepaid salaries Rs.800 Actual rent expense for the year Rs. 3,600 Commission receivable Rs. 300 and unearned commission Rs.700 Required Prepaid Adjusting entries  Prepare Comprehensive Income for the year ended December 31, 2011 Prepare Financial position as at December 31, 2011

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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 ASAP!!

Pass journal entries for Frankwood Company Ltd                

The account balances of the Yamina & Company for the year ended December 31, 2021 is as under

Sr. No

Title of Accounts

Amount

1

Cash

1,200

2

Office Supplies

800

3

Prepaid Advertising

6,000

4

Rent Expenses

3,000

5

Furniture

10,000

6

Salaries expenses

5,000

7

Allowance for depreciation

2,000

8

Yamina ‘s Capital 

7,000

9

Commission Income

14,000

 

Additional Information

  1. Office supplies on hand Rs. 500
  2. Advertising cost unexpired Rs. 2,000
  3. Current year depreciation on furniture 20% on cost
  4. Prepaid salaries Rs.800
  5. Actual rent expense for the year Rs. 3,600
  6. Commission receivable Rs. 300 and unearned commission Rs.700

Required

  1. Prepaid Adjusting entries 
  2. Prepare Comprehensive Income for the year ended December 31, 2011
  3. Prepare Financial position as at December 31, 2011 
Expert Solution
Step 1

Account means the systematic record of various transactions entered by businesses.

Income statement means where all expenses and income are shown .

Balance sheet means where all assets , liabilities and capital is shown.

 

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