The following information is available from the record of Shams and Co. on December 31, 2005 Salaries payable amounted to Rs 10,000 Rent earned but not yet received Rs 12,000 Rent Expired Rs 7,000 (Prepaid rent Rs 10,000) Insurance premium paid in advance for 2 year on 1’st Nov, 2005(Prepaid insurance Rs72, 000) Advertising expense paid for 3 years on 1’st Aug 2004(Advertising expense Rs36, 000) Rent received in advance for 8 years on 1’st Mar,2005(Unearned rent Rs96000) Rent received in advance for 5 years on June 1’st, 2005(Rent income Rs60,000) Commission earned but not yet received Rs4,000(Commission income Rs10,000) just simple entries
The following information is available from the record of Shams and Co. on December 31, 2005 Salaries payable amounted to Rs 10,000 Rent earned but not yet received Rs 12,000 Rent Expired Rs 7,000 (Prepaid rent Rs 10,000) Insurance premium paid in advance for 2 year on 1’st Nov, 2005(Prepaid insurance Rs72, 000) Advertising expense paid for 3 years on 1’st Aug 2004(Advertising expense Rs36, 000) Rent received in advance for 8 years on 1’st Mar,2005(Unearned rent Rs96000) Rent received in advance for 5 years on June 1’st, 2005(Rent income Rs60,000) Commission earned but not yet received Rs4,000(Commission income Rs10,000) just simple entries
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
PROBLEM # 3
(a)
The following information is available from the record of Shams and Co. on December 31, 2005
- Salaries payable amounted to Rs 10,000
- Rent earned but not yet received Rs 12,000
- Rent Expired Rs 7,000 (Prepaid rent Rs 10,000)
- Insurance premium paid in advance for 2 year on 1’st Nov, 2005(Prepaid insurance Rs72, 000)
- Advertising expense paid for 3 years on 1’st Aug 2004(Advertising expense Rs36, 000)
- Rent received in advance for 8 years on 1’st Mar,2005(Unearned rent Rs96000)
- Rent received in advance for 5 years on June 1’st, 2005(Rent income Rs60,000)
- Commission earned but not yet received Rs4,000(Commission income Rs10,000)
just simple entries
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