Prepare the necessary adjusting entries

Assignment Help Financial Accounting

Reference no: EM133845807

Question I: With reference to the financial accounting, submit your answer for the following questions in your own words. (instruction: Do not copy from the otherstudents) 5 marks

1. What do you mean by standard setting? Who is the Standard-Setting Organizations? And What is the purpose of standard setting?

2. What is the importance of standard setting process?

3. Why are standard setting bodies important?

4. what is the role of standard-setting organizations in Saudi Arabia?

5. Which accounting standards are used in Saudi Arabia?

Question II: From the following information of M/S Ahmed Enterprises for the year ended 31-12-23,

1. Ahmed invested cash 500,000, Cheque deposited into the Bank 800,000, 400,000 stock as a share capital.

2. Purchases supplies 40,000 paying cash 10,000 any by cheque (bank) 30,000.

3. Purchases equipment, 50,000 paying cash and 40,000 on account.

4. Borrowed 100,000 from Saudi bank.

5. Provided consultancy services received 50,000 in cash and 30,000 by cheque (bank).

6. Paid salary 60,000 cash and 30,000 by cheque (bank)

7. Dividends paid 70,000 by cheque (bank)

8. Paid utility expenses, (electricity expenses) 30,000 by cash and (water bill) 20,000 by cheque (bank)

9. Purchase office equipment 75,000 by signing a 5 months 15% notes payable.

10. Ahmed received 25,000 cash 30,000 by cheque (bank) and bills Yasser & company 45,000 publication services of 100,000 in the month of November 23.

You are required to.

1. Prepare the necessary adjusting entries.
2. Prepare "T" shape account (ledger Account and post each transaction).
3. Prepare necessary closing entries.
4. Extract the trial balance from the above leger Account. -Note - for cheque must use (bank account)

Question III: The following information has been extracted from the books of Al Medina Corporation for the year ended 31st December, 2019:

Particulars	Amount ($)
Sales	455,000
Sales discounts	5,500
Sales returns and allowances	3,550
Cost of goods sold	190,000
Sales Salaries	4,500
Sales Commission	2,220
Travel expenses	6,200
Freight outward	7,200
Postage and stationery	3,200
Telephone expenses	5,210
Office salaries	5,800
Insurance expense	2,500
Depreciation of building	9,540
Dividend revenue	25,000
Gain on sale of investment	20,500
Interest on bonds	8,400
Income tax	45,800

You are required to prepare income statement for the year ended December 31st, 2019.

Reference no: EM133845807

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