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Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet P150,000 20,000 20,000 12,000 38,000 15,000 100,000 42,000 120,000 220,000 65,000 120,000 Cash on hand Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank Advance to employees Land Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill 50,000 30,000 20,000 11,000 35,000 200,000 150,000 25,000 10,000 Trademark • The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. • The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 • Allowance for Bad Debts for the year was P2,500

Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet P150,000 20,000 20,000 12,000 38,000 15,000 100,000 42,000 120,000 220,000 65,000 120,000 Cash on hand Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank Advance to employees Land Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill 50,000 30,000 20,000 11,000 35,000 200,000 150,000 25,000 10,000 Trademark • The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. • The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 • Allowance for Bad Debts for the year was P2,500

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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Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 Allowance for Bad Debts for the year was P2,500
Transcribed Image Text:Below are the accounts of King's Landing Trading for the year ended June 30, 2020 Prepare the Statement of Financial Position. (The accounts are not in order) Include the additional information when making the Balance sheet Cash on hand P150,000 20,000 20,000 Trade securities Accounts Receivable Prepaid rent Merchandise Inventory Prepaid Utilities Cash on bank 12,000 38,000 15,000 100,000 42,000 Advance to employees Land 120,000 220,000 65,000 Building Furniture and Fixture Accounts Payable Notes Payable Unearned Revenue 120,000 50,000 30,000 20,000 11,000 Taxes Payable Warranty payable Loan(lyear) Mortgage Bonds Payable Goodwill Trademark 35,000 200,000 150,000 25,000 10,000 The beginning capital of King's Landing Trading is 120,000. During the year the owner made an additional investment of P50,000 and withdrew P30,000 for personal use. Net income during the year amounted to 56,500. The business assessed their Assets and incurred a depreciation on Building for P20,000 and Furniture P2,000 Allowance for Bad Debts for the year was P2,500
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