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Worksheet - Accounting for JAIBB

BD Blogger | 2:19 AM | 1 Comments


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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Author is a banker and blogger. He writes on Banking diploma and professional certifications for bankers such as CDCS, CAMS etc. Now serve in a large private bank of Bangladesh.