QUESTION NO 2. Mr. Aslam Trial Balance As On December 31 2020 S.No Account Titles A/C# Debit 50,000 65,000 Credit 1 Cash 2 Bank 3 Accounts Receivable 80,000 15,000 4 Office Supplies 25,000 75,000 5 Prepaid insurance Furniture Accumulated depreciation-furniture 6. 37,500 8 Equipment 50,000 Accounts payable 52,500 10 Unearned consultation 30,000 11 Capital- Aslam 250,000 12 Drawings-Aslam 25,000 13 Service income 170,000 14 Commission income 50,000 15 Salaries expense 115,000 90,000 16 Rent expense TOTAL 590,000 590,000 Data for Adjustment: 1. Office supplies unused Rs. 3000. 2. Insurance expired Rs. 15000. 3. Estimated depreciation on Furniture @ 5% and on Equipment @10%. 4. Consultation is still unearned Rs. 6000. 5. Accrued service income Rs. 30000. 6. Commission is received but not earned Rs.10000 and commission is earned but not received Rs. 5000. 7. Actual rent expense for the year Rs. 85000. 8. Salaries are outstanding by Rs. 15000. Required: A. Give Adjusting Entries in proper form. B. Post them into the Ledger, foot and Balance the Accounts. C. Prepare Adjusted Trial Balance. D. Prepare Financial Statements.

QUESTION NO 2. Mr. Aslam Trial Balance As On December 31 2020 S.No Account Titles A/C# Debit 50,000 65,000 Credit 1 Cash 2 Bank 3 Accounts Receivable 80,000 15,000 4 Office Supplies 25,000 75,000 5 Prepaid insurance Furniture Accumulated depreciation-furniture 6. 37,500 8 Equipment 50,000 Accounts payable 52,500 10 Unearned consultation 30,000 11 Capital- Aslam 250,000 12 Drawings-Aslam 25,000 13 Service income 170,000 14 Commission income 50,000 15 Salaries expense 115,000 90,000 16 Rent expense TOTAL 590,000 590,000 Data for Adjustment: 1. Office supplies unused Rs. 3000. 2. Insurance expired Rs. 15000. 3. Estimated depreciation on Furniture @ 5% and on Equipment @10%. 4. Consultation is still unearned Rs. 6000. 5. Accrued service income Rs. 30000. 6. Commission is received but not earned Rs.10000 and commission is earned but not received Rs. 5000. 7. Actual rent expense for the year Rs. 85000. 8. Salaries are outstanding by Rs. 15000. Required: A. Give Adjusting Entries in proper form. B. Post them into the Ledger, foot and Balance the Accounts. C. Prepare Adjusted Trial Balance. D. Prepare Financial Statements.

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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