Q2. The following are unadjusted balance taken from the books of M/S Haris on Dec 31, 2018.ParticularsDebitCreditCash66,600Account ReceivableMerchandise Inventory (Jan 1)Unexpired InsuranceOffice Supplies98,400124,0003,6001,600BuildingAccumulated Depreciation- BuildingEquipmentAccumulated Depreciation-EquipmentAccounts PayableHaris CapitalHaris Drawing120,0004,80032,0009,60095,800199,00036,000Sales652,000Sales Return10,400Purchases380,000Purchase ReturnTransportation inSalaries ExpenseMisc. Expense4,0009,60080,8002,200965,200Total965,200Data for Adjustments:1. Unexpired insurance on Dec 31, Rs.12002. Supplies used Rs. 1,0003. Depreciation on building for the year Rs. 24004. Depreciation on Equipment for the year Rs. 3,2005. Salaries Payable as of December 31, were Rs. 10,0006. Inventory of Merchandise on December 31, was Rs. 79,200Requirement:1. Pass the necessary Adjusting EntriesPrepare Income Statement and Balance SheetPrepare Closing EntriesPrepare Reversing and Opening EntriesI.II.IV.

Name: Q2. The following are unadjusted balance taken from the books of M/S
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Description: Q2. The following are unadjusted balance taken from the books of M/S Haris on Dec 31, 2018.ParticularsDebitCreditCash66,600Account ReceivableMerchandise Inventory (Jan 1)Unexpired InsuranceOffice Supplies98,400124,0003,6001,600BuildingAccumulated De

Reversing Entry Adjusting Journal entries in the previous accounting period are reversed by…

Answered: Pass the necessary Adjusting Entries…

Business

Accounting

Pass the necessary Adjusting Entries Prepare Income Statement and Balance Sheet Prepare Closing Entries Prepare Reversing and Opening Entries 1. I. II. IV.

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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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

Q2. The following are unadjusted balance taken from the books of M/S Haris on Dec 31, 2018.
Particulars
Debit
Credit
Cash
66,600
Account Receivable
Merchandise Inventory (Jan 1)
Unexpired Insurance
Office Supplies
98,400
124,000
3,600
1,600
Building
Accumulated Depreciation- Building
Equipment
Accumulated Depreciation-Equipment
Accounts Payable
Haris Capital
Haris Drawing
120,000
4,800
32,000
9,600
95,800
199,000
36,000
Sales
652,000
Sales Return
10,400
Purchases
380,000
Purchase Return
Transportation in
Salaries Expense
Misc. Expense
4,000
9,600
80,800
2,200
965,200
Total
965,200
Data for Adjustments:
1. Unexpired insurance on Dec 31, Rs.1200
2. Supplies used Rs. 1,000
3. Depreciation on building for the year Rs. 2400
4. Depreciation on Equipment for the year Rs. 3,200
5. Salaries Payable as of December 31, were Rs. 10,000
6. Inventory of Merchandise on December 31, was Rs. 79,200
Requirement:
1. Pass the necessary Adjusting Entries
Prepare Income Statement and Balance Sheet
Prepare Closing Entries
Prepare Reversing and Opening Entries
I.
II.
IV.

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