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Final Project.pdf

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Fund of Financial Accounting

Final Project Spring $2024$

Q$1)$ Following is the Trial Balance of Osamah Trading Company as on $31-12-2021.$ You are required to prepare Income Statement and Balance Sheet.

$\backslash$table$[[$Name of Account,SR$,$Name of Account,SR$],[$Purchases$,28,000,$Sales,$43,390],[$Opening inventory,$2,000,$Account payable,$5,310],[$Salaries expenses,$950,$Purchase returns,$300],[$Buildings$,19,500,$Capital,$21,110],[$Cash$,1,200,,],[$Wages$,300,,],[$Telephone charges,$750,,],[$Accounts receivable,$1,000,,],[$Sale returns,$610,,],[$Rent expenses,$6,500,,],[$Prepaid insurance,$9,300,,],[$Total$,70,110,$Total,$70,110]]$

End period adjustments are as follow:

The merchandise inventory as on $31-12-2021$ was valued at SR $2,310$

Depreciation $5\%$ to be provided on Building.

Unexpired insurance SR $1300.$

Other cost on purchases SR $500.$

Wages paid in advance SR $15.$

Q$2)$ Following is the Trial Balance of Yousaf Trading Company as on $31-12-2021.$ You are required to prepare Income Statement and Balance Sheet.