Worksheet - Accounting for JAIBB
Monty Zuma Wholesale Company | ||
Trial Balance | ||
31-Dec-10 | ||
Accounts Title | Debit Taka | Credit Taka |
Cash | 23400 | |
Accounts Receivable | 37600 | |
Merchandise Inventory | 90000 | |
Land | 92000 | |
Building | 197000 | |
Acc. Depreciation - Building | 54000 | |
Equipment | 83500 | |
Acc. Depreciation - Equipment | 42400 | |
Notes Payable | 50000 | |
Accounts Payable | 37500 | |
M Zuma, Capital | 267800 | |
M Zuma Drawing | 10000 | |
Sales | 902100 | |
Sales Discounts | 4600 | |
Cost of goods sold | 709900 | |
Salaries Expense | 69800 | |
Utilities Expense | 19400 | |
Repair Expense | 5900 | |
Gas and Oil Expense | 7200 | |
Insurance Expense | 3500 | |
1353800 | 1353800 | |
Adjustment: | ||
i. Depreciation is Tk 10000 on building and Tk 9000 on equipment (Both are administrative Expenses). | ||
ii. Interest of Tk. 7000 is due and unpaid on notes payable at December 31, 2010 | ||
Other Data: | ||
i. Salaries are 80% selling and 20 % administrative | ||
ii. Utilities Expense, repair expense and insurance expense are 100% administrative | ||
iii. Tk 15000 of the notes payable are payable next year | ||
iv. Gas and oil expense is selling expense | ||
Requirements: | ||
a) Enter the Trial Balance on a worksheet and complete the worksheet | ||
b) Prepare:- | ||
i. a multiple step income statements, | ||
ii. Owners wquity statements | ||
iii. A classified balance sheet | ||
c) Journalize the adjusting entries | ||
d) Journalizing the closing entries |
Wait for solution......................
Category: Accounting for Financial Services, JAIBB Question, JAIBB Tutorial
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