Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Additional Information : 1. Depreciation recorded on the furniture using the straight-line method. Assume a useful life of five years with no salvage value. 2.

image text in transcribed

Additional Information :

1. Depreciation recorded on the furniture using the straight-line method. Assume a useful life of five years with no salvage value.

2. Prepaid insurance until the month of August has expired. Insurance was paid in advance at RM 36.000 for 1 year on January 1, 2020.

3. Accrued salaries expense RM10.000

4. Service revenue worth of RM 5,000 is yet to be earned

5. Office supplies on hand RM6,000

QUESTIONS

a) Prepare an adjusted trial balance for Ramsha Logistics Pvt Ltd for the year ended August 31, 2020

b) Prepare Ransha Logistics Pvt Ltd Statement of Comprehensive Income (Income Statement) and Statement of Owner's Equity for the year ended August 31, 2020

c) Prepare the Financial Position (Balance Sheet) as of August 31, 2020

The following shows the unadjusted Trial Balance of Ramsha Logistics Pvt Ltd for the year ended August 2020: Ramsha Logistics Pvt Ltd Unadjusted Trial Balance for the year ended August 31, 2020 Account Title Balance Debit(RM) Credit(RM) Service Revenue 820,000 Salaries Expenses 460,000 Delivery Expenses 230,000 Utilities Expenses 50,000 Bank 52,000 Account Receivable 79,000 Office Supplies on hand 12,000 Prepaid Insurance 36,000 Furniture 80,000 Accumulated Depreciation-Delivery van 16,000 Accounts Payable 56,000 Unearned Revenue 12,000 Ramsha Capital 100,000 Ramsha, Withdrawals 5,000 Total 1,004,000 1,004,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Commercial Energy Auditing Referance Handbook

Authors: Steve Doty

1st Edition

0881736481, 978-0881736489

More Books

Students also viewed these Accounting questions