Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

(e) Services for Rs 18,000 were provided to customers who had made full advance payments. (f) The company paid six months rent as advance on

image text in transcribed

(e) Services for Rs 18,000 were provided to customers who had made full advance payments. (f) The company paid six months rent as advance on April 1. (g) The telephone company sent a bill for Rs 12,000 for April after the close of the months transactions. Required: Kindly answer below questions A. Prepare adjusting entries and post them to T accounts. B. Prepare the April adjusted trial balance, balance sheet and statement of profit and loss.

2. Sunrise Company was set up on April 1, 2019. Its Unadjusted trial balance on April 30, 2019 was as follows: Sunrise Company Limited Unadjusted Trial Balance, April 30, 2019 Description Credit (Rs) Buildings Office equipment Office supplies Debit (Rs) 375,000 300,000 53,500 41,000 15,750 90,000 Trade receivables Cash Prepaid rent Trade payables Unearned revenue Share capital Dividends Revenue from services Salaries expense Electricity expense 25,500 40,000 500,000 25,000 421,750 77,500 9,500 Total 987,250 987,250 The following additional information is available: (a) Services for Rs 22,500 were provided to customers in April although no bills have been raised. (b) Salaries of staff for the second fortnight totaling Rs 77,500 have not been paid. (c) The inventory of office supplies on March 31 is Rs 24,250. (d) The building is expected to be useful for 10 years and the office equipment has an estimated useful life of four years. None of these assets are expected to have any salvage value. x 11.69 in

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Canadian Income Taxation Planning And Decision Making

Authors: Joan Kitunen, William Buckwold

17th Edition 2014-2015 Version

1259094332, 978-1259094330

Students also viewed these Accounting questions