Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020. The following additional information has been extracted from the

Following is the trial balance of Cirose Cinema for the month ended on 31 January 2020. The following additional information has been extracted from the record:- i. The accounts are closed on monthly basis to determine performance. ii. The building is on rent basis and the rent for January is yet unpaid which is amounting to Rs. 140,000. iii. The film rentals for January amounting to Rs. 150,000 are yet to be adjusted against the prepaid film rentals iv. The depreciation at 10% per annum on projection equipment is to be accounted for. v. The unearned ticket revenues amounting to Rs. 6,000 have been earned during end of January 2020. vi. Salaries of security staff amounting to Rs. 28,000 are still payable. Required: a) Prepare month end adjusting accounting entries. b) Prepare 10 columns work sheet. c) Prepare following financial statements:- 1) Income Statement 2) Statement of changes in equity 3) Balance sheet

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_2

Step: 3

blur-text-image_3

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

Principles Of Auditing And Other Assurance Services

Authors: Ray Whittington, Kurt Pany

18th Edition

0077486277, 978-0077486273

More Books

Students also viewed these Accounting questions