$10$:$16$ AM Mon $22$ Jul

$52\%$

Final Project.pdf

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.

$\backslash$table$[[$Name of Account,SR$,$Name of Account,SR$],[$Purchases$,23,190,$Sales,$33,000],[$Supplies expenses,$200,$Account payable,$3,190],[$Salaries expenses,$500,$Interest received,$300],[$Electricity charges,$250,$Bank loan,$5,000],[$Building$,19,500,$Capital,$21,510],[$Cash$,1500,,],[$Telephone charges,$100,,],[$Account receivable,$1,000,,],[$Wages$,310,,],[$Investments$,2,000,,],[$Prepaid Rent,$7,300,,],[$Advertisement expenses,$650,,],[$Opening inventory,$6,500,,],[$Total$,63000,$Total,$63000]]$

End period adjustments are as follow:

The merchandise inventory as on $31-12-2021$ was valued at SR $2,000.$

Interest unearned SR $50.$

Unexpired rent SR $1200.$

Interest on other investments earned but not received yet SR $700.$

Outstanding salaries SR $400.$

Depreciation $3\%$ to be changed on Building.