Started business with 100,000 in cash and 50,000 inventory Received bank loan 500,000 Purchase merchandise 100,000, paid
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Question:
- Started business with 100,000 in cash and 50,000 inventory
- Received bank loan 500,000
- Purchase merchandise 100,000, paid 20,000 in cash and remaining amount will be paid next month
- Return merchandise to suppliers 5,000
- Purchase office supplies 10,000
- Paid six month advance rent RS 120,000
- Paid salary expense 100,000
- Received six month advance fees RS.150,000
- Sales merchandise RS 250,000 on account
- Received from customer 100,000
- Return merchandise from customer’s RS. 3,000
- Purchase furniture on accounts
Adjustment data
- Salary expense at the end of the year 95,000
- Prepaid rent at the end of year 20,000
- Unearned fees at the end of year 10,000
- Inventory at the end of the year 35,000
Required
- Pass general entries in standard form
- Prepare T accounts
- Prepare Trial balance
- Pass adjusting entries
- Prepare income statement
Prepare Balance sheet
Related Book For
Valuation Measuring and managing the values of companies
ISBN: ?978-0470424704
5th edition
Authors: Mckinsey, Tim Koller, Marc Goedhart, David Wessel
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