Following account balances were taken from the ledger of Umair Supply Company as on 31 December...

 

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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

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iPrepare necessary adjusting accounting entries Inventory on hand72850 Building Depreciation60000 Ac... View the full answer