Following account balances were taken from the ledger of Umair Supply Company as on 31 December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Following account balances were taken from the ledger of Umair Supply Company as on 31 December 2019:- Accounts Payable Accounts Receivable Advertising Building Capital Cash Insurance Interest Expense Interest income Opening inventory b) c) Adjustments as on 31 December 2019 are required as under:- a) Inventory on hand is amounting to Rs. 72,850 Building is to be depreciation at 10% per annum. Accrued selling expenses are amounting to Rs. 14,000. The unexpired insurance is amounting to Rs. 6000. e) Utilities bills amounting to Rs. 6,300 are outstanding d) Required: Rs. 27,500 56,000 4,000 600,000 Purchases 905,000 Sales 20,000 Selling expenses 12,000 Supplies expenses 2,200 Utilities expenses 500 54,000 i. ii. iii. iv. Land Note Payable Office expenses Prepare necessary adjusting accounting entries. Prepare 10 columns work sheet. V. vi. Prepare Closing entries vii. Prepare Income Statement. Prepare Retained Earnings Statement. Prepare Balance Sheet. Prepare Post Closing Trial Balance. Rs. 550,000 140,100 13,400 615,000 920,000 41,200 5,200 20.100 Following account balances were taken from the ledger of Umair Supply Company as on 31 December 2019:- Accounts Payable Accounts Receivable Advertising Building Capital Cash Insurance Interest Expense Interest income Opening inventory b) c) Adjustments as on 31 December 2019 are required as under:- a) Inventory on hand is amounting to Rs. 72,850 Building is to be depreciation at 10% per annum. Accrued selling expenses are amounting to Rs. 14,000. The unexpired insurance is amounting to Rs. 6000. e) Utilities bills amounting to Rs. 6,300 are outstanding d) Required: Rs. 27,500 56,000 4,000 600,000 Purchases 905,000 Sales 20,000 Selling expenses 12,000 Supplies expenses 2,200 Utilities expenses 500 54,000 i. ii. iii. iv. Land Note Payable Office expenses Prepare necessary adjusting accounting entries. Prepare 10 columns work sheet. V. vi. Prepare Closing entries vii. Prepare Income Statement. Prepare Retained Earnings Statement. Prepare Balance Sheet. Prepare Post Closing Trial Balance. Rs. 550,000 140,100 13,400 615,000 920,000 41,200 5,200 20.100
Expert Answer:
Answer rating: 100% (QA)
iPrepare necessary adjusting accounting entries Inventory on hand72850 Building Depreciation60000 Ac... View the full answer
Related Book For
Andersons Business Law and the Legal Environment
ISBN: 978-0324786668
21st Edition
Authors: David p. twomey, Marianne moody Jennings
Posted Date:
Students also viewed these accounting questions
-
Identify the internal control weaknesses that exist at Buffalo Bobs Burgers, and discuss what can be done to prevent this theft. Themailroom employees send all remittances and remittance advices to...
-
What is hacking? What can be done to prevent hacking?
-
What can be done to prevent burnout? If someone you know is suffering burnout, how would you advise that person to recover from it?
-
A rectangular loop of wire 24 cm by 72 cm is bent into an L shape, as shown in FIGURE 23-49. The magnetic field in the vicinity of the loop has a magnitude of 0.035 T and points in a direction...
-
Neutropenia is an abnormally low number of neutrophils (a type of white blood cell) in the blood. Chemotherapy often reduces the number of neutrophils to a level that makes patients susceptible to...
-
Thirty years ago, Starbucks was a single store in Seattles Pike Place Market selling premium-roasted coffee. Today, it is a global roaster and retailer of coffee with more than 24,000 stores, 40% of...
-
\(47+200\) Complete the indicated calculation.
-
SunNet is a residential Internet Service Provider (ISP) in the central Florida area. Presently, the company operates one centralized facility that all of its clients call into for Internet access. To...
-
Question 2 (a) Ravi arrived in Malaysia on 10 October 2020 and commenced his employment as an accountant on 1 November 2020 with Brambles Bhd. Required: (i) Discuss Ravi when he should inform to...
-
Continuing Payroll Project: Prevosti Farms and Sugarhouse - EERF (Static) Prevosti Farms and Sugarhouse pays its employees according to their job classification. The following employees make up...
-
A spray gun is shown in the figure where a piston pushes air out of a nozzle. A thin tube of uniform cross section is connected to the nozzle. The other end of the tube is in a small liquid...
-
As a manager and leader, how would you navigate between what is best for the business and what is right (ethical)? Is there a distinction between what is legal and what may or may not be ethical and...
-
Memo, Can public policy create a duty of care? If so, how?Where is public policy articulated? Can both duties (one created by public policy and another based on the doctor-patient relationship) exist...
-
What is political sociology and how is important in a given society? How did Nash's book "Political Sociology of Human Rights" contribute to your understanding of human rights in the contemporary...
-
Make a conclusion were views on abortion were talked about religion, political, sociological and women rights.?
-
lynn tries to pass a truck on a narrow road. the truck is clearly marked 'danger, dynamite," but lynne, intent on passing the truck, fails to read the sign. she negligently runs into the truck and is...
-
You are given:a(t) = bt2 + cFind the value of c?(use a decimal number, rounded to the nearest 100th, such as1.23) 1 answer
-
Government is advised to tax goods whose demand curves are inelastic if the goal is to raise tax revenues. If the goal is to discourage consumption, then it ought to tax goods whose demand curves are...
-
McMullen Contractors made a contract with Richardson to build an apartment house for a specific price. A number of serious apartment house fires broke out in the city, and the city council adopted an...
-
Jennings operated a courier service to collect and deliver money. The contract with his customers allowed him a day or so to deliver the money that had been collected. Instead of holding collections...
-
Mona found a wallet on the floor of an elevator in the office building where she worked. She posted several notices in the building about finding the wallet, but no one appeared to claim it. She...
-
Use the partition function \(Z\) for the quantum harmonic oscillator to find the average energy, \(\langle Eangle\).
-
Find the Taylor series centered at \(x=a\) and its corresponding radius of convergence for the given function. In most cases, you need not employ the direct method of computation of the Taylor...
-
Consider Gregory's expansion \[\tan ^{-1} x=x-\frac{x^{3}}{3}+\frac{x^{5}}{5}-\cdots=\sum_{k=0}^{\infty} \frac{(-1)^{k}}{2 k+1} x^{2 k+1}\] a. Derive Gregory's expansion using the definition \[\tan...
Study smarter with the SolutionInn App