MINI-CASE (The Accounting Process from start to finish)

Assam Corp. was formed on July 1, 2011 of the current year. The following occurred
during the year:
1. Common stock is issued for Rs.50,000.
2. Rs.200/month rent is paid for 1 year in advance on July 1.
3. Wages are paid in cash during the period totaling Rs.8,000. Accrued wages at
year-end are Rs.1,200.
4. Fees earned during the period are billed to clients totaling Rs.35,000.
5. Supplies are purchased on account for Rs.2,000. Assume that all of the supplies
were used up at the end of year.
6. Rs.22,000 is collected from clients previously billed.
7. Suppliers are paid Rs.1,800 on account.
8. Rs.500 in dividends are declared and paid.
9. Rs.250 in utilities are paid during the year.

Required:
Journalize these transactions, post them to T-accounts, prepare the adjusted trial
balance, prepare all four financial statements, prepare closing entries, and prepare the
post-closing trial balance. For the period ending 30th June 2012