Open T account and close all the accounts.

  

EXERCISE 3 The opening balance of 20X1: ASSETS Fixed assets Current assets Deferred costs (RMC) Deferred income tax assets Receivables Total assets EQUITY & LIABILITIES 5,400 Shareholders' equity 21,680 Deferred tax liabilities 6,000 920 28,000 62,000 Provisions for warranty repair Other provisions Deferred income (RMP) Total equity & liabilities 55,900 700 800 1,000 3,600 62,000 1. Deferred costs (RMC) are connected with the service provided. Estimated income from the service is 40,000 and estimated costs are 35,000. On reporting day, 70% of the service was