Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020. Particular Cash Prepaid film rentals Projection Equipment Accumulated depreciation on equipment Accounts Payable Unearned ticket revenues Capital Ticket revenues Utilities expenses Salaries expenses Total Dr Rs. 45,000 325,000 1,520,000 320,000 222,000 Rs. 2,432,000 Cr Rs. 152,000 100,000 10,000 1,500,000 670,000 Rs.2,432,000 The following additional information has been extracted from the record:- The accounts are closed on monthly basis to determine performance. The building is on rent basis and the rent for January is yet unpaid which is amounting to Rs. 140,000. The film rentals for January amounting to Rs. 150,000 are yet to be adjusted against the prepaid film rentals The depreciation at 10% per annum on projection equipment is to be accounted for. i. ii. iii. iv. The unearned ticket revenues amounting to Rs. 6,000 have been earned during end of January 2020. vi. Salaries of security staff amounting to Rs. 28,000 are still payable. V. Required: a) b) c) Prepare month end adjusting accounting entries. Prepare 10 columns work sheet. Prepare following financial statements:- 1) Income Statement 2) Statement of changes in equity Balance sheet 3) d) Prepare closing entries e) Prepare post-closing trial balance. Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020. Particular Cash Prepaid film rentals Projection Equipment Accumulated depreciation on equipment Accounts Payable Unearned ticket revenues Capital Ticket revenues Utilities expenses Salaries expenses Total Dr Rs. 45,000 325,000 1,520,000 320,000 222,000 Rs. 2,432,000 Cr Rs. 152,000 100,000 10,000 1,500,000 670,000 Rs.2,432,000 The following additional information has been extracted from the record:- The accounts are closed on monthly basis to determine performance. The building is on rent basis and the rent for January is yet unpaid which is amounting to Rs. 140,000. The film rentals for January amounting to Rs. 150,000 are yet to be adjusted against the prepaid film rentals The depreciation at 10% per annum on projection equipment is to be accounted for. i. ii. iii. iv. The unearned ticket revenues amounting to Rs. 6,000 have been earned during end of January 2020. vi. Salaries of security staff amounting to Rs. 28,000 are still payable. V. Required: a) b) c) Prepare month end adjusting accounting entries. Prepare 10 columns work sheet. Prepare following financial statements:- 1) Income Statement 2) Statement of changes in equity Balance sheet 3) d) Prepare closing entries e) Prepare post-closing trial balance.
Expert Answer:
Answer rating: 100% (QA)
Answer Sure I can help you with that Based on the information provided in the image here are the monthend adjusting accounting entries 10column worksh... View the full answer
Related Book For
Posted Date:
Students also viewed these mathematics questions
-
What quarterly compounded nominal rate and effective rate of interest are being charged on a $5000 loan if quarterly payments of $302.07 will repay the loan in 5 years
-
What payment is required at the end of each month for five years to repay a loan of $8000 at 8.4% compounded monthly?
-
What payment is required at the end of each month for 12 years to repay a $32 000 mortgage if interest is 6.5% compounded monthly?
-
Use the following information to answer the questions that follow.... The Big Cheese Company * 2019 2020 Interest Expense 200 1950 Cash 180 30 Property, Plant, and Equipment 16000 39550 Inventories...
-
Sixty-eight percent of adults would still consider a car brand despite product/safety recalls. You randomly select 20 adults. Find the probability that the number of adults who would still consider a...
-
Outline a macro policy package for attaining full employment and price stability in the next 12 months. What obstacles, if any, will impede attainment of these goals?
-
What is a System Deployment Concept? Identify examples of its UCs.
-
Mary Pierce is the controller of Arnold Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year. (a) On December...
-
6. (10 pts) Suppose you have the class whatever, defined below. Suppose a main method runs as follows: public static void main(String[] args) { } Whatever w = new Whatever () ; System.out.println...
-
Part 3 - Coding Exercise: Decoding a Message from a Text File In this exercise, you will develop a function named `decode(message_file)`. This function should read an encoded message from a .txt file...
-
Discuss the differences between " tax evasion", " tax avoidance" and " tax planning".
-
An eagle is flying horizontally at a speed of 2.9 m/s when the fish in her talons wiggles loose and falls into the lake 4.4 m below. Calculate the magnitude of the velocity of the fish relative to...
-
A potato is launched out of a building (building A) from the 10th floor which is 15 m high, with a velocity of 55 m/s at an angle of 35.0 above the horizontal. There is a building (building 2) 130 m...
-
Give a summary of concepts and the applications for the following quistion: When a 200.0-g mass is attached to a spring, it stretches the spring by 7.50 cm. With that mass-spring system in...
-
A helium-filled balloon, whose envelope has a mass of 0.29 kg, is tied to a 3.8-m long, 0.054-kg string. The balloon is spherical with a radius of 0.40 m. When released, it lifts a length h of the...
-
A pitcher throws a 0.60 kg ball of clay at a 4.0 kg block of wood. The clay sticks to the wood on impact, and their joint velocity afterward is 2.5 m/s. What was the original speed of the clay (in...
-
How do the UK family law and the Canadian family law compare in the outcome of public safety and satisfaction?
-
Draw two scatterplots, one for which r = 1 and a second for which r = 21.
-
What advantages do discounted bonds offer to investors? Why may a bond be called if it is selling at a premium?
-
The required return on an investment is 12 percent. You estimate that firm Xs dividends will grow as follows: Year Dividend 1 ........ $1.20 2 ........ 2.00 3 ........ 3.00 4 ........ 4.50 For the...
-
1. What will be the expected return and beta for each of the following portfolios? a) Portfolios 1 through 4: All of the funds are invested solely in one asset (the corresponding three stocks or the...
-
What are some reasons a potential prospect might not be readily accessible? How far should you go to try to overcome such an accessibility problem before you move to the next lead?
-
List three or four criteria you could use to qualify a lead as a likely prospect. How would you find out if the lead meets these criteria?
-
Who is currently in your own network that you could use for prospecting? How might you add to your network?
Study smarter with the SolutionInn App