User Account

All Pages

Perform necessary adjustments

Assignment Help Accounting Basics
Reference no: EM132633283

Question - Following is the unadjusted trial balance of Mr. A Enterprises for the Year ended 31st Jan, 2020. Accounts Dr.(Rs.) Cr.(Rs.) Cash 20,000 Prepaid Rent 12,000 Prepaid Insurance 10,000 Furniture 20,000 Purchase (15 TVs) 150,000 Telephone bill Expenses 2,000 Interest Expenses 100 Supplies 5,000 Capital 49,100 Sales (10 TVs) 150,000 Bank Loan 20,000 Total 219,000 219,000 Following were the adjustments for this period:

1) 10% of rent & insurance is expired in this year.

2) Supplies expired = Rs. 4000

3) Accrued Electricity bill Rs. 2000

4) Depreciate furniture @ 20% per annum.5) Bank Loan was taken on 1 st Jan 2020 @ 24% per annum

Required -

(1) Perform necessary adjustments.

(2) Prepare adjusted trial balance.

(3) Prepare Income Statement for the period ending 31st Jan, 2020. Note: The accounting period is Yearly. Keep this in mind and the adjusting entry dates while performing necessary calculations.

Reference no: EM132633283

Questions Cloud

What total amount should be reported as cash : The Fourth Bank time deposit is set aside for land acquisition in early January 2021. What total amount should be reported as cash
Conduct a case study for a patient : Conduct a case study for a patient who attends the pharmacy or is a patient identified from the site where you do your placement
What is the appropriate amount of cost : What is the appropriate amount of cost to be reported in Renter Co.'s balance sheet (at the time the lease was signed) with respect to this asset
What month is the payroll recorded as an expense : Using Accrual Accounting, if XYZ processes payroll on September 1 for an August 31 payroll, what month is the payroll recorded as an expense?
Perform necessary adjustments : Depreciate furniture @ 20% per annum.5) Bank Loan was taken on 1 st Jan 2020 @ 24% per annum. Perform necessary adjustments
Should the component be purchased from the market and why : The HASF Company has an annual plant capacity of 50,000 units. Predicted data on sales. Should the component be purchased from the market?
What will be the net book value of the machine : What will be the net book value of the machine at the end of its eighth year of use before it is disposed of, under each depreciation method
Which component of manufacturing costs is most important : Which component of manufacturing costs (direct materials, direct labor, manufacturing overhead, and/or conversion costs), is most important and why?
What is last year turnover : What is the turnover related to this year's investment opportunity? What is last year's turnover? (Round your answer to 1 decimal place.)

Reviews

Write a Review

Accounting Basics Questions & Answers

  Prepare a contribution margin statement

Calculate both the unit contribution margin and contribution margin, and prepare a contribution margin statement

  What is the break-even sales volume

Thomlinson Company is considering the development of two products: no. 765 or no. 766. What is the break-even sales volume (in dollars) on product no. 766

  Identify those that would appear on the balance sheet

From the following list of selected items taken from the records of Ishmael Appliance Service as of a specific date, identify those that would appear.

  Leassee acounting-capital lease rental payments of 219000

leassee acounting-capital lease. rental payments of 219000 including 19000 for property taxes payable at the beginning

  What is the break-even point measure in sales dollars

The Company's fixed costs are $50,000. What is the break-even point measure in sales dollars

  Compute the present value of payments made in years

Present Value of an Annuity Due If the present value of an ordinary, 7-year annuity is $6,500 and interest rates are 7.5 percent, what's the present value of the same annuity due?

  What is estimate of the intrinsic value of beranek stock

Assuming a required return of 15.00%, what is your estimate of the intrinsic value of Beranek's stock?

  How combination of professional skepticism can be used

Explain how the combination of professional skepticism, ethical intent, and moral reasoning skills can be used to promote ethical decision making.

  What else would you advise the company to do

What else would you advise the company to do to cover the anticipated extra $18,000 fixed cost to keep the same level of profit

  Real property income of foreign persons

Real Property Income of Foreign Persons, a nonresident alien, is a shareholder of X Corp., whose assets consist of a retailing business in Canada

  Provide the journal entry for the asset revaluation

S. Stephens adn J. Perez are partners in Space designs. Provide the journal entry for the asset revaluation. Provide the journal entry for Fredricks' admission

  How much is depreciable for each asset in year

Assuming all of the equipment is depreciated under Class A, how much is depreciable for each asset in Year 1

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd