The following trial balance for the year ended 30 June, 2019 was extracted from the accounting...

  

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The following trial balance for the year ended 30 June, 2019 was extracted from the accounting record of Ashar Construction Company: Particular Cash Account Equipment and Machinery Accounts receivable Supplies Accounts Payable Capital Account Drawings Accounts Construction fee Wages expenses Interest expenses Rent expenses Property tax Repair and maintenance expenses Utilities expenses Motor vehicle Total Debit Rs. 228,000 b) c) 265,600 101,100 10,000 25,000 45,000 6,000 24,000 8,500 6,500 8,300 260,000 Rs. 988,000 Credit 18,000 650,000 320,000 Rs. 988,000 The checking of record indicates that following adjustments are required: Depreciation on equipment and machinery and Motor vehicle at 10% annually is to be charged. a) Supplies worth Rs. 6,400 were available in the stores. The construction fee includes an amount of Rs.20, 000 for which services were not rendered. d) Wages amounting to Rs. 15,000 are still outstanding to employees. e) Rent expenses include an amount of Rs. 4,000 which is related to July and August 2019. Required: a) Prepare adjusting accounting entries for the above items. b) Prepare a schedule showing unadjusted trial balance, adjustments and the adjusted trial balance. c) Prepare following financial statements: - 1 2. 3. 4. Income Statement Statement of change in equity. Balance Sheet. Cash flows Statement. The following trial balance for the year ended 30 June, 2019 was extracted from the accounting record of Ashar Construction Company: Particular Cash Account Equipment and Machinery Accounts receivable Supplies Accounts Payable Capital Account Drawings Accounts Construction fee Wages expenses Interest expenses Rent expenses Property tax Repair and maintenance expenses Utilities expenses Motor vehicle Total Debit Rs. 228,000 b) c) 265,600 101,100 10,000 25,000 45,000 6,000 24,000 8,500 6,500 8,300 260,000 Rs. 988,000 Credit 18,000 650,000 320,000 Rs. 988,000 The checking of record indicates that following adjustments are required: Depreciation on equipment and machinery and Motor vehicle at 10% annually is to be charged. a) Supplies worth Rs. 6,400 were available in the stores. The construction fee includes an amount of Rs.20, 000 for which services were not rendered. d) Wages amounting to Rs. 15,000 are still outstanding to employees. e) Rent expenses include an amount of Rs. 4,000 which is related to July and August 2019. Required: a) Prepare adjusting accounting entries for the above items. b) Prepare a schedule showing unadjusted trial balance, adjustments and the adjusted trial balance. c) Prepare following financial statements: - 1 2. 3. 4. Income Statement Statement of change in equity. Balance Sheet. Cash flows Statement.

Answer rating: 100% (QA)

a Adjusting accounting entries for the above items 1 Depreciation on equipment and machinery and Motor vehicle at 10 annually is to be charged Depreciation ... View the full answer