Professional Documents
Culture Documents
B
Afaq & Co.
Balance Sheet
As on Dec 31, 2015
Assets
Cash 51,000
A/C Receivalbe 25,600
Allowance for Bad Debt -1280 24,320
Unearned service revenue 2,000
Stationery 600
Prepaid Insurance 200
Equipment 68,000
Allowance for Deptreciation - Equipment -11800 56,200
Furniture 69,300
Allowance for Deptreciation Furniture -25530 43,770
Total Assets 178,090
Liabilities
A/C Payable 14,300
Salaries Payable 2,700
Interest Payable 400
Traveling Expense Payable 1,000
Advertising Expense Payable 1,000
Total Liabilities 19,400
Capital 144,200
Net Profit 31,490
Drawings (17,000)
Total Equity 158,690
Total Equities 178,090
Adjustments:
· Depreciate machinery @ 5% p.a. by written down method.
· Outstanding Salaries Rs. 2,000.
· Insurance paid in advance Rs. 500.
· Maintain @ 5% allowance for doubtful debts on sundry debtors.
· Supplies at the end of year of worth Rs. 20,000.
QNO3 A
Mishal Company
Adjusting Entries
SNO Particulars Dr Cr
a Depreciation Expense 2,500
Allowance for Deptreciation - Machinery 2,500
To adjust depreciation expense on Machinery
QNO4 A
Mishal Company
Icome Statement
As on Dec 31, 2016
Sales 610000
Less: Sales Return -5000
Less: Allowance -4000 601,000
Liabilities
Sundry Creditors 60,500
Salaries Payble 2,000
Adjustments:
1. Salary Payable on December 31, 2016 is Rs. 1,500
2. Depreciation on Furniture charged to 10% by cost method
3. Inventory on hand on December is Rs. 60,000
4. 30,000 of Sales Account is unearned
QNO5 A
Wasim Mubarik Pvt Ltd
Adjusting Entries
As on 31 Dec 2016
SNO Particulars Dr Cr
a Salaries Expense 1,500
Salaries Payable 1,500
To adjust salaries payable
c Sales 30,000
Un Earned Sales 30,000
To adjust un Earned Sales
d Closing Inventory 6,000
Profit & Loss Account 60,000
To adjust closing inventory
B
Wasim Mubarik Pvt Ltd
Adjusted Trial Balance
As on 31 Dec 2016
S No Title of Account Dr Cr
1 Purchase Return 13,000
2 Machinery 34,000
3 Salaries 18,700
4 Creditors 33,000
5 Cash in Hand 40,000
6 Carriage Inward 6,000
7 Closing Inventory 60,000
8 Profit & Loss Account 60,000
9 Rent Received 3,000
10 Discount Allowed 2,000
11 Purchases 100,000
12 Bills Payable 20,000
13 Debrots 15,000
14 Carriage Outward 5,000
15 Owner Equity 53,200
16 Building 18,000
17 Sales Return 3,000
18 Discount Received 14,000
19 Insurance Expense 6,000
20 Sales 100,000
21 Furniture 20,000
22 Salaries Payable 1,500
23 Depreciation Expense 2,000
24 Allowance for Deptreciation -Furniture 2,000
25 Un Earned Sales 30,000
Balance 329,700 329,700
QNO6 A
Wasim Mubarik Pvt Ltd
Income Statement
As on Dec 31, 2016
Sales 100,000
Less: Sales Return (3,000)
Discount Allowed (2,000)
Net Sales 95,000
B
Wasim Mubarik Pvt Ltd
Balance Sheet
As on Dec 31, 2016
Assets
Machinery 34,000
Inventory 60,000
Cash in Hand 40,000
Debrots 15,000
Building 18,000
Furniture 20000
Allowance for Deptreciation -Furniture -2000 18,000
Liabilities
Creditors 33,000
Bills Payable 20,000
Unearned rent 3,000
Salaries Payable 1,500
Un Earned Sales 30,000
Total Liabilities 87,500
Owner Equity 53,200
Net Profit 44,300
Total Equity 97,500
Total Equities 185,000
QNO7
Simren Shah Inc
Statement of Cash Flows
As on Dec 31, 2017
Q8. The following information was gathered from Waji-Ul-Hassan Corporation’s financial records at the end
of December 31st, 2017:
Other Information
1 Profit for the year 100,000
2 Depreciation for the year 5,000
3 Equipment having a book value of 90,000 was sold for Rs 100,000
4 interest on long term loan is 17.5%
Mr Fazal Din
Statement of Cash Flows
As on Dec 31, 2018