A trial balance of Shayan Trading Company for the year ended 30 June, 2019 was prepared...
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A trial balance of Shayan Trading Company for the year ended 30 June, 2019 was prepared by the Accountant. A scrutiny of the various accounts revealed that the following adjustments are needed:- a) b) c) d) e) f) Salaries amounting to Rs. 135,000 of certain employees for the month of June, 2019 were neither paid nor was any provision made. Depreciation at 20% on computer equipment costing Rs. 250,000 was yet to be recorded for the year. Office supplies were purchased at the cost of Rs. 45,000 while the year ended physical verification indicated that office supplies worth Rs. 22,000 were only available in the stores. Accrued interest for 02 months at 12% per annum on an investment of Rs. 800,000 was neither recorded nor received. The utility bills for June 2019 amounting to Rs. 18,500 were received at the end of month which is due for payment on 05 July 2019. The loan repayment instalment of Rs. 130,000 with interest of Rs. 10,000 till end of June 2019 is due for payment on 01 July 2019. Required: 1) 2) Prepare adjusting accounting journal entries for the above adjustments. Indicate the overall impacts of above adjustments on net income if these are omitted. A trial balance of Shayan Trading Company for the year ended 30 June, 2019 was prepared by the Accountant. A scrutiny of the various accounts revealed that the following adjustments are needed:- a) b) c) d) e) f) Salaries amounting to Rs. 135,000 of certain employees for the month of June, 2019 were neither paid nor was any provision made. Depreciation at 20% on computer equipment costing Rs. 250,000 was yet to be recorded for the year. Office supplies were purchased at the cost of Rs. 45,000 while the year ended physical verification indicated that office supplies worth Rs. 22,000 were only available in the stores. Accrued interest for 02 months at 12% per annum on an investment of Rs. 800,000 was neither recorded nor received. The utility bills for June 2019 amounting to Rs. 18,500 were received at the end of month which is due for payment on 05 July 2019. The loan repayment instalment of Rs. 130,000 with interest of Rs. 10,000 till end of June 2019 is due for payment on 01 July 2019. Required: 1) 2) Prepare adjusting accounting journal entries for the above adjustments. Indicate the overall impacts of above adjustments on net income if these are omitted.
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1 Adjusting accounting journal entries for the above adjustments a Salaries amounting to Rs 135000 of certain employees for the month of June 2019 wer... View the full answer
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