The balance sheet of the company Philmex as at 01.12.2019 is as follows: ASSETS EQUITY &...

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The balance sheet of the company Philmex as at 01.12.2019 is as follows: ASSETS EQUITY & LIABILITIES PPE: Land Inventory: Materials Cash and cash equivalents Deferred cost 26 000 Shareholders' equity 3. 4 000 4 Retained earnings Long-term loan Trade payables Total equity & llabilities 24 000 22 000 8.000 Total assets 60 000 "office rent paid for 8 months in advance (December - May) Required: Open accounts, record all transactions in appropriate T-accounts and prepare income statement at the end of December (costs classified as costs by nature). 6 000 12 000 18 000 In December 2019 the following events occurred: 1. Company Philmex delivered trade goods at a value of 2 400. The transaction was paid via bank money transfer amount of 3 900. The transaction took place in December. 2 60 000 Company Philmex paid 3 500 via bank money transfer for inventory purchased in October. Company Philmex recorded a 6 000 provision for a likely loss due to on-going legal sales related to faulty services. Company Philmex recorded the cost of office rent for the month of December, The balance sheet of the company Philmex as at 01.12.2019 is as follows: ASSETS EQUITY & LIABILITIES PPE: Land Inventory: Materials Cash and cash equivalents Deferred cost 26 000 Shareholders' equity 3. 4 000 4 Retained earnings Long-term loan Trade payables Total equity & llabilities 24 000 22 000 8.000 Total assets 60 000 "office rent paid for 8 months in advance (December - May) Required: Open accounts, record all transactions in appropriate T-accounts and prepare income statement at the end of December (costs classified as costs by nature). 6 000 12 000 18 000 In December 2019 the following events occurred: 1. Company Philmex delivered trade goods at a value of 2 400. The transaction was paid via bank money transfer amount of 3 900. The transaction took place in December. 2 60 000 Company Philmex paid 3 500 via bank money transfer for inventory purchased in October. Company Philmex recorded a 6 000 provision for a likely loss due to on-going legal sales related to faulty services. Company Philmex recorded the cost of office rent for the month of December,

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Here are the stepbystep calculations 1 Company Philmex delivered trade goods worth Rs 2400 A debit i... View the full answer