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PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION C D

PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION C D

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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PLEASE DO ALL REQUIREMENTS AND SHOW STEP BY STEP SOLUTION

C

D

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 (vi) (vii) Administrative Expenses Insurance Selling and distribution expense Capital Drawings Premises Equipment Accounts receivable Accounts payable Cash Allowances for bad debts Required: Debit Taka 95000 4000 5,000 10,000 20,000 25,000 (c) A classified Balance Sheet. (d) The adjusting journal entries. 3,000 10,000 10,000 1,20,000 20,000 19,000 7,000 348,000 Credit Taka 2500 120,000 150,000 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) 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. 14,000 1.500 348,000
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 (vi) (vii) Administrative Expenses Insurance Selling and distribution expense Capital Drawings Premises Equipment Accounts receivable Accounts payable Cash Allowances for bad debts Required: Debit Taka 95000 4000 5,000 10,000 20,000 25,000 (c) A classified Balance Sheet. (d) The adjusting journal entries. 3,000 10,000 10,000 1,20,000 20,000 19,000 7,000 348,000 Credit Taka 2500 120,000 150,000 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) 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. 14,000 1.500 348,000
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