Chapter 4, Problem 2PSB

To determine

Accounting work sheet:

An accounting worksheet is an statement used to help book keeper to complete accounting cycle and preparation of year end reports.

Preparation of necessary work sheetstarting with the unadjusted trial balance and including adjustments based on the additional facts.

To determine

Journal Entries:

A journal entry is the record of the transaction entered into journal. Journal entries records all the financial details of the business and reflects which accounts are affected through the transactions.

Accounting rules for journal entries:

• To increase balance of the account: Debit assets, expenses, losses and credit all liabilities, capital, revenue and gains.
• To decrease balance of the account: Credit assets, expenses, losses and debit all liabilities, capital, revenue and gains.

The necessary adjusting journal entries and closing entries forCompany PD for the year ended April 30.

To determine

Income Statement:

An income statement is one of the financial statement of the company which shows the company's profit and loss for a particular period of time.

Statement of Owner'sEquity:

A statement of owner's equity reflects changes in capital balance of a business over a reporting period.

Balance Sheet:

The financial statement in which the worth of assets, liabilities and equity of a company or an entity is shown in a classified form is a balance sheet.

Theincome statement, statement of owner's equity and the balance sheet for Company PD as on year ended April, 30.