The following information contained the financial accounts of Matrix Accounting Firm for the accounting year ended...

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The following information contained the financial accounts of Matrix Accounting Firm for the accounting year ended 31 December 2020: Required: a) b) Account description Professional fee earned Corporate secretariat fee earned Rental of office Staff salaries Air conditioner servicing fee Cash at bank Accounts payable Office expenses Mainframe server Loss on disposal of assets Accrued expenses Prepaid expenses Rent deposit paid Accumulated depreciation of Mainframe server Inventory Owner's equity Unearned professional fees Fees overdue from clients Bank loan 999 year leasehold property Amount $ 2,250,000 75,000 100,000 470,000 22,000 30,000 50,000 65,000 800,000 10,500 30,000 28,500 88,000 80,000 37,500 ? 80,000 55,000 450,000 500,000 Prepare a fully classified Balance Sheet for Matrix Accounting Firm for the year ending 31st December 2020. Use the accounting equation to determine the value of Equity at the end of the year. Discuss and elaborate how 'Uncarned professional fees' meets the definition and recognition criteria according to the Conceptual Framework to allow it to be recorded in the Balance Sheet. The following information contained the financial accounts of Matrix Accounting Firm for the accounting year ended 31 December 2020: Required: a) b) Account description Professional fee earned Corporate secretariat fee earned Rental of office Staff salaries Air conditioner servicing fee Cash at bank Accounts payable Office expenses Mainframe server Loss on disposal of assets Accrued expenses Prepaid expenses Rent deposit paid Accumulated depreciation of Mainframe server Inventory Owner's equity Unearned professional fees Fees overdue from clients Bank loan 999 year leasehold property Amount $ 2,250,000 75,000 100,000 470,000 22,000 30,000 50,000 65,000 800,000 10,500 30,000 28,500 88,000 80,000 37,500 ? 80,000 55,000 450,000 500,000 Prepare a fully classified Balance Sheet for Matrix Accounting Firm for the year ending 31st December 2020. Use the accounting equation to determine the value of Equity at the end of the year. Discuss and elaborate how 'Uncarned professional fees' meets the definition and recognition criteria according to the Conceptual Framework to allow it to be recorded in the Balance Sheet.

Answer rating: 100% (QA)

a Balance Sheet As of 31 December 2020 Assets Current Assets Cash at bank 30000 Accounts receivable ... View the full answer