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Question 1 (5 Marks) Prepare the financial statements: Income statement, Retained Earning and the Statement of the Financial Position from the adjusted Trail Balance. Question 2 (3 Mrks) Describe the nature and purpose of an adjusted trial balance?

Question 1 (5 Marks) Prepare the financial statements: Income statement, Retained Earning and the Statement of the Financial Position from the adjusted Trail Balance. Question 2 (3 Mrks) Describe the nature and purpose of an adjusted trial balance?

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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ВМC Ltd Adjusted Trial Balance 31 June 2019 S. No. Heads of Account Ref Balances (Rs.) Debit Credit Cash 2950 Accounts Receivable 575 Supplies Prepaid indurance Equipment Accumulated depreciation-Truck Accounts payable Salaries Payable Unearned lawn mowing revenue 40 240 2500 35 28 420 100 Common stocks 5000 Dividends 1000 lawn mowing revenue 2350 Gas Expense 35 Advertising Expense 35 Depreciation expense-equipment Supplies expense Salaries expenses 35 85 420 Total 7,933 7,933 Question 1 (5 Marks) Prepare the financial statements: Income statement, Retained Earning and the Statement of the Financial Position from the adjusted Trail Balance. Question 2 (3 Mrks) Describe the nature and purpose of an adjusted trial balance?
Transcribed Image Text:ВМC Ltd Adjusted Trial Balance 31 June 2019 S. No. Heads of Account Ref Balances (Rs.) Debit Credit Cash 2950 Accounts Receivable 575 Supplies Prepaid indurance Equipment Accumulated depreciation-Truck Accounts payable Salaries Payable Unearned lawn mowing revenue 40 240 2500 35 28 420 100 Common stocks 5000 Dividends 1000 lawn mowing revenue 2350 Gas Expense 35 Advertising Expense 35 Depreciation expense-equipment Supplies expense Salaries expenses 35 85 420 Total 7,933 7,933 Question 1 (5 Marks) Prepare the financial statements: Income statement, Retained Earning and the Statement of the Financial Position from the adjusted Trail Balance. Question 2 (3 Mrks) Describe the nature and purpose of an adjusted trial balance?
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