The following are trial balance and adjustment data for Zubair's Shop on December 31,2010 Particulars Debit Credit Cash 9,200 Accounts Receivable 21,400 Inventory Jan 1 3,200 Prepaid Rent 1,800 Furniture 12,000 Accumulated Depreciation 2,400 Unearned Commission 3,600 Capital, Zain 48,400 Sales 30,000 Sales Discount 300 Purchases 32,000 Purchases Return 500 Transportation-in 500 Salaries Expenses 3,300 Rent Expenses 1,200 Additional Information • Account receivable was expected to realize Rs. 20,000 • Book value of furniture was estimated at Rs.9,000 • Rent was prepaid to the extent of Rs.600 • Commission earned during the year amounted to Rs. 2,400 • Actual Salaries expenses for the year amounted Rs. 4,800 • Merchandise Inventory on December 31,2010 was valued at Rs. 8,800 Required a) Prepared Income Statement for the year ended December 31, 2021 (5) b) Prepared Balance Sheet as on December 31, 2021
The following are
Particulars Debit Credit
Cash 9,200
Inventory Jan 1 3,200
Prepaid Rent 1,800
Furniture 12,000
Unearned Commission 3,600
Capital, Zain 48,400
Sales 30,000
Sales Discount 300
Purchases 32,000
Purchases Return 500
Transportation-in 500
Salaries Expenses 3,300
Rent Expenses 1,200
Additional Information
• Account receivable was expected to realize Rs. 20,000
• Book value of furniture was estimated at Rs.9,000
• Rent was prepaid to the extent of Rs.600
• Commission earned during the year amounted to Rs. 2,400
• Actual Salaries expenses for the year amounted Rs. 4,800
• Merchandise Inventory on December 31,2010 was valued at Rs. 8,800
Required
a) Prepared Income Statement for the year ended December 31, 2021 (5)
b) Prepared
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